Brunswick Corp. and the Chicago-based TechNexus Venture Collaborative said today that they have formed a joint venture “to identify and advance transformative innovation to unlock new growth opportunities in both the marine and fitness industries.”
Terms of the agreement were not disclosed.
Brunswick is the parent company of brands such as Mercury Marine engines and Boston Whaler and Lund boats.
TechNexus, which finds, funds and grows technology ventures, works with corporations to identify a portfolio of opportunities for collaboration and growth through investment in and incubation of early-stage companies.
Drawing upon resources at Brunswick and TechNexus the joint venture will source, evaluate and recommend strategic opportunities for investment as well as for support by the partnership.
Among other services the joint venture will provide diligence, incubation, direction and ongoing collaboration to aid and ensure development of those receiving investment.
"We believe that there are rich opportunities both in emerging technology and extensions of current product technologies that the joint venture can pursue," said Brunswick's chief technology officer David Foulkes in a statement. "We are excited to be working in a space that offers so much energy and innovation to support our strategy and offers us the opportunity to continue to evolve and differentiate our business to better compete in the long term."
"Brunswick's diversified work in marine and fitness offers an opportunity to source a variety of emerging technology ventures that solve strategic challenges across industries that are being redefined," said Terry Howerton, CEO of TechNexus Venture Collaborative. "Embracing innovation through venture collaboration enables Brunswick to proactively develop new technologies and markets."