Dominion Marine Media is being acquired by funds advised by a British private equity advisory firm.
Apax Partners entered into a definitive agreement to acquire Dominion Marine Media from Dominion Enterprises, a subsidiary of Landmark Media Enterprises.
The transaction, which is subject to customary closing conditions, is expected to be completed during the third quarter of this year. Terms of the transaction were not disclosed.
Dominion Marine Media operates BoatTrader, boats.com, YachtWorld and CosasDeBarcos and attracts more than 62 million visitors annually to more than 300,000 boat and yacht listings.
"Our world-class brands have a long tradition of excellence in providing leading digital business solutions for the recreational boating industry," Dominion Marine Media president Ian Atkins said in a statement. "We are confident that the expertise and resources provided by the Apax team will not only further our mission of driving boat sales globally, but will be essential to our next phase of growth."
"The recreational marine industry is poised for digital transformation, and DMM is the only integrated digital media, technology and data platform positioned to capture this opportunity globally,” Apax partner Marcelo Gigliani said. “We are excited to be backing Ian and his team and are eager to leverage our experience investing in and operating leading digital classifieds businesses to accelerate growth at DMM."