Navico, parent company of Lowrance and other companies in the marine industry, announced in a press release today that it's been acquired by the Goldman Sachs Merchant Banking Division and Altor Fund IV. The firm was previously under the ownership of the Altor 2003 Fund.
Navico was created from the acquisitions of Simrad Yachting, Lowrance Electronics and Brunswick New Technologies. The company has since consolidated seven product brands into three and six factories into one and is building one common technology platform. It employs approximately 1,500 people
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," said Navico president and CEO Leif Ottosson. "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.”
Said Goldman Sachs Merchant Banking Division managing director Michael Bruun: “Navico is a great company and its track record and speed of innovation is impressive. 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."
