BOAT INTERNATIONAL, essential reading for yacht-owners and enthusiasts world-wide, has been sold in a UKpound 29m management buyout.

The private-equity firm, August Equity, and directors of the magazine’s parent company, Boat International Group, including Tony Harris, the chief executive, have acquired the business from Henderson Equity Partners, a rival investment firm. 

August is contributing 13.4m of equity to fund the buyout, while management is funding the remainder of the equity. Lloyds TSB is providing debt finance.

BOAT INTERNATIONAL,  launched in 1983, is considered the bible of the super-rich owners and has proved a recession-proof vehicle. As well as the UK edition of BOAT INTERNATIONAL, the company   produces sister titles in the US, France and Germany. A Russian edition has recently been launched. SUPERYACHTS, a reference guide, is also published by the company.

www.timesonline.co.uk