Goldman Sachs and Altor Fund IV partnered and are acquiring Navico Holding AS, parent company of the Lowrance, Simrad, B&G and GoFree brands, from the Altor 2003 Fund.
The company was created from the acquisitions of Simrad Yachting, Lowrance Electronics and Brunswick New Technologies.
Navico has worked systematically to integrate the companies, consolidating seven product brands into three and six factories into one and building a common technology platform. Navico said it has about 1,500 employees and its products are sold in more than 100 countries.
Navico recently launched the GoFree brand to drive the development of cloud-based digital resources and apps across its product range.
As part of its growth it acquired Contour Innovations, a cloud-based digital mapping provider. Navico also has increased its focus on the commercial marine market and, as part of this, acquired both Maritime Information Systems’ and Consilium’s radar business.
Navico said that during the past 10 years it has launched a new product every 20 days and has grown its market share since 2009.
“We are pleased that we will have the continued engagement and expertise of Altor, who have supported our strong growth over the last 10 years,” Navico president and CEO Leif Ottosson said in a statement. “The company has grown from a merger of three smaller companies into a technological leader in the marine electronics industry. We are excited about the growth opportunities that our new strong and dynamic ownership will enable us to pursue in recreational and commercial marine within both hardware and digital solutions.”
“It has been a privilege to work with the management team in Navico over the last 10 years, building a great company, which is very well positioned for further growth,” said Hugo Maurstad, chairman of the board of Navico and partner at Altor Equity Partners. “The high-performing recreational business is an asset that also can be leveraged to grow in the commercial segment over the next 10 years.”
“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.”
The transaction will be subject to the customary regulatory requirements and approvals.