August Equity backs £29m management buyout

August Equity has backed a £29 million management buyout of a magazine publisher, its second current investment in the sector.

August Equity has backed a £29 million (€43 million; $56.5 million) management buyout of Boat International Group, a yacht magazine publisher. 

Boat International: yachting magazines

The deal’s total of £29 million includes debt provided by Lloyds TSB Corporate Markets, a division of Lloyds TSB Group.  August Equity provided £13.4 million of equity funding while the management team funded the balance of the equity. Financial details for the management and Lloyds were not disclosed.

Macfarlanes gave legal advice to August Equity while LongAcre Partners, a technology and media-focused corporate finance house, advised Boat International Group.
Boat International’s magazines are published in the UK, Europe, USA and Russia.

August Equity’s previous investments in the publishing sector include City Financial Communications, Timothy Benn Publishing, Incisive Media, Octopus Publishing and Imagine Publishing.

Last week August Equity sold Securistyle, a window fixtures manufacturer, to Bank of Scotland Integrated Finance for £42.3 million.

August Equity, formerly Kleinwort Capital, invests in UK-based companies valued between £10 million and £100 million in the media, technology, healthcare and specialist manufacturing sectors.  The firm has £250 million under management from pension funds, insurance companies, local authorities, private banks and clients worldwide.