Brunswick Corp. acquired Norway-based Navico, the parent company of Lowrance, B&G, Simrad and C-MAP, for $1.05 billion, the company said in a statement.
The Navico brands will become part of Brunswick’s Advanced Systems Group, bolstering the suite of brands in power management, digital control, monitoring and networked devices.
“The acquisition of Navico and its award-winning brands will immediately accelerate Brunswick’s ACES — autonomy, connectivity, electrification and shared access — strategy and support our vision to deliver distinctive new products and technology-enabled experiences,” CEO Dave Foulkes said in the statement.
“We will continue to invest both in organic initiatives and acquisitions to maintain our position of global product leadership, and the addition of [Navico] to our existing brand portfolio will further strengthen our ability to provide complete, innovative digital solutions to consumers and comprehensive, integrated systems offerings to our OEM customers,” added Foulkes.
Navico — a formerly privately held company owned by Altor Fund IV and Goldman Sachs Asset Management — reported revenues of $470 million in the 12-month period that ended May 31.
Its 2,500 employees are based mainly in Spain, the United States, Mexico, Norway, the Netherlands, the United Kingdom and New Zealand, and are led by Knut Frostad, who became CEO and president in 2019.
“After a strong period of growth, we are very excited about joining the Brunswick family to further strengthen our offerings and support our customers going forward,” Frostad said. “On behalf of everyone at Navico, we cannot wait to begin our journey with Brunswick and share our passion and dedication with their team.”
Brunswick expects the acquisition to immediately contribute to its Parts and Accessories segment, which accounted for $1.5 billion, about 35 percent, of 2020 revenues. With Navico’s offerings, Brunswick expects returns from P&A to exceed $2 billion.
“Navico solidifies our commitment to creating an unmatched boater and OEM experience,” said Brett Dibkey, Advanced Systems Group president. “We are also adding a talented, experienced and consumer-focused management team, which is expected to remain in place and play a major role in the execution of our strategy.”
The transaction is expected to close in the second half of 2021