Norway-based provider of marine electronics and parent company to the Lowrance®, Simrad®, B&G® and GoFree® brands, Navico has announced that Goldman Sachs Merchant Banking Division and Altor Fund IV have partnered and signed an agreement to acquire the company from the Altor 2003 Fund.
Navico has been at the forefront of innovation for many years, in the past couple of years they launched 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.
They 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.
The company was originally created from the acquisitions of Simrad Yachting, Lowrance Electronics and Brunswick New Technologies.
“We are pleased that we will have the continued engagement and expertise of Altor who have supported our strong growth over the last ten 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.
“Navico is a great company and its track record and speed of innovation is impressive,” said Michael Bruun, managing director in the Merchant Banking Division of Goldman Sachs. “We look forward to working with the company over the coming years, supporting its organic and acquisition-based growth. The new owners contribute a financial capacity that allows the company to raise its growth ambitions going forward.”
Navico has approximately 1500 employees and its products are sold in over 100 countries. The transaction will be subject to customary regulatory requirements and approvals.
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