Inc. was founded in Boston by Bernie Goldhirsh, and its first issue appeared in April 1979. Goldhirsh was an MIT-trained mechanical engineer who founded Sail magazine, which he sold for $10 million in 1980. Paul W. Kellam, who had joined Goldhirsh's company as editor of Marine Business, was one of Inc. ’s first editors. Goldhirsh kept a low profile, and George Gendron, who served as editor-in-chief from 1980 to 2002, was considered the "public face" of the magazine. In 2000, Goldhirsh sold the magazine to German publishing house Gruner + Jahr for a reported price of over $200 million. In 2005, Joe Mansueto, founder of investment research firm Morningstar Ventures, bought Inc. and another business title, Fast Company, for about $35 million, forming publishing company Mansueto Ventures.