BOAT INTERNATIONAL, the yacht-owners’ bible, has been sold in a £29m management buyout, writes Matthew Goodman.

Directors of the magazine’s parent company, Boat International Group, including Tony Harris, the chief executive, are being backed in the deal by August Equity, a private-equity firm, and are themselves investing in the buyout.

The magazine, launched in 1983, is considered essential reading among the super-rich and the likes of Roman Abramovich, the oligarch, and Microsoft co-founder Paul Allen are said to be fans. Its high-powered clientele has also ensured the business is relatively recession-proof.

August is acquiring the business from Henderson Equity Partners, a rival investment firm.

It obtained the business in the summer of 2004 from publisher Christian Chalmin, and merged it with rival titles Sailing Today and Coast Living.

As well as the British edition of Boat International, the company produces sister titles in the US, France and Germany. A Russian edition of the magazine has also recently been launched. In addition to the magazines, Boat publishes Superyachts, a reference guide.

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

August has previously invested in several publishing businesses, including Incisive Media, Octopus and Timothy Benn Publishing.

Henderson has sold off a number of the investments that were in its European private- equity portfolio. As well as Boat International, these included Baydrive, the golf-centre operator.