Altor, Goldman Sachs sell Navico to trade in €880m deal

With the transaction, Navico brands Lowrance, Simrad, B&G and C-Map will be added to Brunswick's Advanced Systems Group. 

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

Navico recently divested its subsidiary C-Map Commercial to focus on its core sector of recreational and light commercial marine vehicles.

The transaction is subject to regulatory approval and is expected to close in the second half of the year.

Company
Founded in 2006 and based in Egersund, Navico manufactures marine electronics and sensors. It owns brands such as Lowrance, Simrad, B&G and C-Map, which serve most major powerboat and sailing markets for both recreational and commercial purposes.

The company has 2,000 employees and reported revenues of around $470m for the year to 31 May 2021.

People
Navico – Knut Frostad (CEO).

Advisers
Equity – JP Morgan (corporate finance); Baker McKenzie (legal); Schjødt (legal).
Vendor – Goldman Sachs (M&A); Carnegie (M&A); Sullivan & Cromwell (legal); Wiersholm (legal).

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