Crowe’s Kent office gives quay advice in superyacht media deal
The corporate finance team in the Kent office of national audit, tax, advisory and risk firm Crowe has advised the purchasers on an acquisition which brings together two of the global leaders in superyacht multimedia, events and intelligence.
Corporate finance partner Geert Struyven led the team that provided corporate finance services, financial due diligence and tax advice to London-based BOAT International Media (BOAT) which has purchased Boating Communications of Godalming, Surrey, publisher of International Boat Industry (IBI) magazine for an undisclosed sum.
Geert Struyven said: “The acquisition sees BOAT strengthen its position in the B2B market. Founded in 1968, IBI is the most established and respected magazine serving the volume boat industry.”
The deal also includes IBI’s market intelligence platform, IBI Plus, its digital channels and the company’s events.
The Crowe team included Lewis Clarke, Harvir Atwal and Geert Struyven on the corporate finance side, Emma Reynolds and Simon Cookston who supplied tax advice.
Helen Garner from law firm Cripps Pemberton Greenish led the legal team that supported BOAT.
Three of Boating Communications’ directors, Ed Slack, Philippa Drysdale and Philip Pereira will continue with the company as will all the staff, while its CEO Nick Hopkinson, who has been associated with IBI since 1968, will act as a consultant to BOAT.
BOAT will maintain the B2B services IBI provides to the global boating industry and will develop its print and digital offering. IBI Plus, meanwhile, will complement BOAT’s existing and market-leading BOAT Pro market intelligence platform, which serves the superyacht industry.
BOAT’s co-CEO Toby Moore said: “This is an incredibly exciting partnership for both BOAT and IBI. The synergies are strong and the opportunities moving forward are huge, given IBI’s credibility and authority in the B2B space.”
Tony Euden, co-CEO of BOAT, added: “This natural alliance allows us to further develop both the BOAT and IBI brands. It offers us the opportunity to expand on the brilliant work that Nick and his team have undertaken over the past years especially within the data, digital and events arena.”;
Nick Hopkinson, CEO of Boating Communications, said: “I am delighted that we have found such a complementary partner in BOAT to assist with the future development of IBI and that our combined resources will enable the new group to focus on providing the very best information and data available on both the superyacht and volume boat business globally.
“Our experienced team will remain in place, and I am pleased to have been asked to continue as a consultant after more than 53 years’ involvement in the business.”
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Miriam Sherwood, Director, People Communications & Marketing
Crowe UK. Tel: (0)121 543 1900, firstname.lastname@example.org
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About BOAT International Media
BOAT International Media (BOAT) is the leading global multimedia, business intelligence and entertainment brand for the superyacht world, influencing and serving the sector for more than 30 years. BOAT connects, informs and entertains the wealthiest and most inaccessible people across the globe with a shared interest and passion for superyachts through their unrivalled magazines, digital channels, world-class events, luxury books and insight resources. BOAT produce market leading magazines that sell in 57 countries worldwide. Its events portfolio includes the World Superyacht Awards, the Design & Innovation Awards, the Superyacht Design Festival and the Explorer Yachts Summit.
About Boating Communications
International Boat Industry was founded in 1968 by the former marine equipment distributor John Threlfall and was later sold to Reed Business Publishing before being acquired by Nick Hopkinson in 1982 followed by UBM in 1990 and eventually by Time Warner and Time Inc in 1998. Boating Communications has owned IBI for nearly five years following a management buyout by the directors from Time Inc. in early 2017. IBI has been the official magazine of the world’s largest marine equipment exhibition, METSTRADE, since its inception in 1988 and is the co-owner with RAI Amsterdam of the annual Boat Builder Awards for Business Achievement which are presented during the show.