Marine electronics firm Navico is being acquired by Goldman Sachs Merchant Banking Division and Altor Fund IV.
Navico, the parent of brands such as Simrad and Lowrance, was previously controlled by Altor 2003 Fund.
Navico was created from the acquisitions of Simrad Yachting, Lowrance Electronics and Brunswick New Technologies. Navico has since consolidated seven product brands into three, six factories into one and built one common technology platform. Today, Navico has approximately 1,500 employees and its products are sold in over 100 countries.
“We are pleased that we will have the continued engagement and expertise of Altor who have supported our strong growth over the last ten years. The company has grown from a merger of three smaller companies into a technological leader in the marine electronics industry,” said Leif Ottosson, president and CEO of Navico. “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.”
Michael Bruun, managing director in the Merchant Banking Division of Goldman Sachs, copmmented: “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.”