Jeppesen, a part of Boeing Commercial Aviation Services, said it has an agreement to sell its marine business to Digital Marine Solutions.
“We are pleased that our marine team is joining Digital Marine Solutions, where it will continue to deliver industry-leading cartography and operations solutions to recreational and commercial mariners alike,” Jeppesen CEO Kevin Crowley said in a statement. “We are making this move to focus on our core aviation business, while at the same time positioning the marine business to succeed.”
Terms of the sale were not disclosed.
Under the agreement, the former Jeppesen Marine will operate as a separate entity with its own dedicated resources and will trade under the C-MAP brand name. Jeppesen will remain part of Boeing.
Digital Marine Solutions is owned by the Altor 2003 Fund, which is part of the Nordic-based Altor family of private equity funds. The strategic acquisition leverages Altor’s long-standing experience in the marine industry with its past and current holdings, most notably Navico, the world’s leading recreational marine electronics company and a major player in the commercial marine market.
Digital Marine Solutions will ensure that Navico and other third-party electronics manufacturers continue to have access to the C-MAP portfolio for recreational and commercial marine. Over time, Digital Marine Solutions will develop C-MAP’s capabilities and sales by offering enhanced charting, digital content and services solutions.
“Jeppesen Marine is one of the premier players in electronic charting and value added services for recreational and commercial marine,” Leif Ottosson, future chairman of the buyer, said in a statement. “We look forward to working with the Jeppesen Marine team to create fresh innovations and to continue to work with Jeppesen Marine’s existing customers to further grow the business."
“This is good news for the marine electronics industry, Jeppesen Marine staff and consumers, as C-MAP’s high-quality products and services will continue to be offered, thus keeping the diversity in the market,” Light Marine portfolio director James Detar said.
“We believe that with the vision and values of Digital Marine Solutions we can further improve our portfolio and better service our customers,” said Egil Aarstad, director of voyage solutions at Jeppesen Marine.
Pending regulatory approval, the transaction is expected to be completed toward the end of the second quarter this year.