The Brunswick Corporation has acquired Navico, the global leader in fishing marine electronics and owner of the Lowrance, Simrad and C-Map brands, in a deal worth $1.05 billion.
“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,” said Dave Foulkes, Brunswick Corporation CEO.
“We will continue to invest both in organic initiatives and acquisitions to maintain our position of global leadership, and the addition of the Navico brands to our existing portfolio will further strengthen our ability to provide complete, innovative, integrated digital solutions to consumers and comprehensive, integrated systems offerings to our OEM customers.”
Navico is a privately held company based in Egersund, Norway and co-owned by Altor Fund IV and Goldman Sachs Assessment Management. It is a leading provider of fish finders, autopilots, sonar, radar and cartography.
Its revenues totaled approximately $470m for the 12 months ended May 31st this year with attractive revenue growth, a strong margin profile and a capital efficient business model.
“After a strong period of growth we are very excited about joining the Brunswick family to further strengthen our offering and support our customers going forward,” said Knut Frosted, Navico President and CEO. “On behalf of everyone at Navico, we cannot wait to begin our journey with Brunswick and share our passion and dedication with its team. By working together, we will be able to deliver a unique and integrate customer experience.”