Garmin Ltd. announced the purchase of Nexus Marine AB, a privately held Swedish designer and manufacturer of navigation equipment for the sailing and yachting market.
The acquisition was announced in conjunction with the Southhampton Boat Show according to the company.
“Nexus Marine is very highly respected in the sailing market, and we’re happy to have them aboard,” Garmin president and COO Cliff Pemble said in a statement. “Nexus’s passion and expertise for this market, combined with Garmin’s capabilities and presence, are sure to make this combination a success.”
“Garmin has a lot of credibility in the broader marine market, and Nexus is a premier brand among sailors,” Nexus Marine AB CEO Richard Macalister said in a statement. “Combining the two makes perfect sense — for our companies and our customers."
Nexus Marine AB will operate as Garmin Stockholm AB, a wholly owned subsidiary of Garmin Ltd. Financial terms of the acquisition will not be released.