MX Marine, Navman marine and Northstar add three brands with complementary product offerings to Navico’s portfolio, strengthening the company’s position in the US and Asia.
Navico International Ltd. agreed to acquire the marine electronics business of Brunswick New Technologies (BNT), a unit of Brunswick Corporation (NYSE: BC). Subject to regulatory approvals, this transaction, which is expected to close during March 2007, will create the world’s largest supplier of marine electronics for recreational boats.
Included in the agreement are the three brands MX Marine, Navman marine and Northstar. The combined businesses had revenues of USD 50 million in 2006 with primary operating facilities in New Zealand, the United States, Australia, and the United Kingdom.
“We are truly excited to add these three highly-regarded brands to the Navico range, thus forming the clear global leader in marine electronics for recreational boats with an estimated market share of 25 percent. MX Marine, Navman marine and Northstar will further strengthen Navico’s house of brands strategy which includes already the renowned B&G, Eagle, Lowrance and Simrad brand names. The new companies will expand Navico’s commitment to providing performance, safety and enjoyment on the water,” said Jens-Thomas Pietralla, President and CEO of Navico.
MX Marine has a 30-year heritage in providing high precision navigation systems for commercial and government vessels.
Navman marine offers a portfolio of marine electronics products and GPS solutions, designed and manufactured in New Zealand, and has established a leading market position in Australasia as well as a strong presence in Europe over the last 15 years.
Northstar has been a leader in the US marine electronics industry for over 35 years, and now offers a range of solutions that combine navigation, radar, and entertainment functionality. Boat builders and boat owners alike value Northstar’s systems.
“With this acquisition, Navico will expand its product line-up with key innovations out of Brunswick marine electronics’ portfolio, which is known for its design and user-friendliness – an area of increasing importance in light of growing functionality and convergence of devices,” said Pietralla. “This deal will further strengthen our presence in the Asia Pacific markets, which are expected to be a major source of growth for the marine electronics industry.”
As part of the transaction, Brunswick will enter into a supply agreement with Navico, which secures a close partnership with all Navico brands to supply leading-edge technology to the Brunswick Boat Group.
About Navico
Navico is the parent company to four well established marine electronics brands: B&G, Eagle, Lowrance and Simrad. Navico has 2,500 employees and has revenues of approx. $ 300M. Navico is headquartered in Lysaker, near Oslo in Norway. The company has development and manufacturing facilities in Tulsa USA, Ensenada Mexico, Egersund Norway, Støvring Denmark and Romsey UK.
