Brunswick Corporation- the company that owns major boating brands such as Mercury, Lund, SeaRay, Lowe Boats, PrinceCraft, and much more has announced today that they will acquire Navico, which is a global leader in marine electronics and sensors for $1.05 billion. Brunswick will now add industry leading brands such as Lowrance, Simrad, B&G, and C-MAP to its Advanced Systems Group (ASG). This includes the leading Parts & Accessories (P&A) brands in power management, digital control and monitoring, and networked devices.
Over the latest 12-month period which ended May 31, 2021, Navico’s revenues totaled approximately $470 million. They have a strong margin profile, and a capital efficient business model. Brunswick’s P&A segment accounts for around $1.5 billion (35 per cent) of total 2020 annual revenues, and with the new deal with Navico, the company expects its P&A businesses to have revenues on a run-rate basis exceeding $2.0 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 product leadership, and the addition of Lowrance, Simrad, B&G and C-MAP to our existing brand portfolio will further strengthen our ability to provide complete, innovative digital solutions to consumers and comprehensive, integrated systems offerings to our OEM customers.”
Navico is a leading marine electronics company based in Egersund, Norway, co-owned by Altor Fund IV and Goldman Sachs Asset Management. They are a leading provider of multi-function displays, fish finders, autopilots, sonar, radar, and cartography. They serve most major powerboat markets for both recreational and commercial applications.
“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 Frostad, Navico’s President & CEO. “On behalf of everyone at Navico, we cannot wait to begin our journey with Brunswick and share our passion and dedication with their team. By working together, we will be able to deliver a unique and integrated customer experience.”