(EGERSUND, Norway) — Navico, a leading provider of marine electronics and parent company to the Lowrance, Simrad, B&G and GoFree brands, has announced that Goldman Sachs Merchant Banking Division and Altor Fund IV have partnered and signed an agreement to acquire Navico from the Altor 2003 Fund.
Navico is an innovative force within the recreational and commercial marine electronics market and has a rich history of investment in research and development. In the last two years, Navico developed the award-winning HALO Pulse Compression Radar technology, StructureScan 3D sonar technology for fish finding and B&G sailing chartplotters used to race around the world.
The company was created from the acquisitions of Simrad Yachting, Lowrance Electronics and Brunswick New Technologies. Navico has worked systematically to integrate the companies, consolidating seven product brands into three, six factories into one and building one common technology platform. Today, Navico has approximately 1,500 employees and its products are sold in over 100 countries.
Navico recently launched the GoFree brand to drive development of cloud-based digital solutions and apps across its product range. As part of its growth it acquired Contour Innovations, a leading cloud-based digital mapping provider. Navico has also increased its focus on the commercial marine market and, as part of this, acquired both Maritime Information Systems’ and Consilium’s radar business.
Over the last 10 years Navico has been driving change in the recreational and commercial industry, launching one new product every 20 days, and has steadily grown its market share since 2009.
“We are pleased that we will have the continued engagement and expertise of Altor who have supported our strong growth over the last 10 years. The company has grown from a merger of three smaller companies into a technological leader in the marine electronics industry,” said Leif Ottosson, president and CEO of Navico. “We are excited about the growth opportunities that our new strong and dynamic ownership will enable us to pursue in recreational and commercial marine within both hardware and digital solutions.”
The transaction will be subject to customary regulatory requirements and approvals.
