PE-backed Navico divests C-Map Commercial

Navico's divestment of C-Map Commercial comes two years after it merged with C-Map, which included its commercial and recreational business lines.

Navico was created in 2006 by Altor through a merger of Simrad Yachting and Lowrance Electronics. Ten years later, Altor acquired the company using Altor Fund IV alongside Goldman Sachs. 

Navico CEO Knut Frostad said the divestment allows Navico to focus on its core sector of recreational and light commercial marine vehicles. 

He added that the pandemic had proved that the company was operating in a resilient industry, but that it was vital that "we play to our strengths and target growth in the most focused way possible".

Navico in 2019 generated turnover of €306m and has 1,600 employees. 

Company
Founded in 1985 and based in Egersund, C-Map Commercial provides commercial marine charting services, cloud-based software for shore-side and ship-side entities, and voyage optimisation & fleet analytics.

People
Navico – Knut Frostad (CEO).

Advisers
Vendor – Carnegie Investment Bank (financial due diligence).

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