Goldman Sachs Merchant Banking and Altor Fund IV acquire Navico and Digital Marine Solutions from the Altor 2003 Fund.
On July 12th Goldman Sachs Merchant Banking Division and Altor Fund IV signed an agreement to acquire Navico Holding AS (Navico) and Digital Marine Solutions Holding AS (Digital Marine Solutions), owner of Jeppesen Marine, from the Altor 2003 Fund.
Navico is a leading provider of marine electronics to the recreational segment and is an innovative force within the commercial marine market. Navico sells its products under the three brands Lowrance, Simrad and B&G. The company was created from the acquisitions of Simrad-Yachting, Lowrance Electronics and Brunswick New Technologies.
Navico has worked systematically to integrate the three companies, consolidating seven brands into three, six factories into one and building one common technology platform. As a result, Navico has been driving innovation in its industry, launching one new product every 20th day, and has steadily grown its market share since 2009.
Subsequent add-on acquisitions completed include Maritime Information Systems, Conciliums radar business and Contour Innovations. In addition, Digital Marine Solutions completed the acquisition of the companies and assets comprising Jeppesen Marine, which in addition to Navico will be acquired by the new owners.
Navico has also become the most profitable player in its industry, with 2015 Revenues of USD 309 million on an EBITDA of USD 62 million.
“It has been a privilege to work with the management team in Navico over the last ten years, building a great company, which is very well positioned for further growth. The high performing recreational business is an asset that also can be leveraged to grown in the commercial segment over the coming years. The digital platform represents a unique platform to participate in and drive the digitalization of commercial marine in partnership with other industry players, with additional strength being brought to the platform by the new owners acquisition of Digital Marine Solutions from the Altor 2003 Fund”, says Hugo Maurstad, Chairman of the Board of Navico and Partner at Altor Equity Partners.
“We are impressed with Navico’s track record and speed of innovation”, says Michael Specht Bruun, Managing Director in the Merchant Banking Division of Goldman Sachs. “Through our partnership with Altor Fund IV we look forward to supporting the company and accelerating its organic and acquisition based growth”.
The translation will be subject to customary regulatory requirements and approvals.
Since inception, the family of Altor funds has raised some EUR5.8 billion in total commitments. The funds have invested in excess of EUR3.6 billion in more than 40 companies. The investments have primarily been made in medium sized Nordic companies with the aim to create value through growth initiatives and operations improvements. Among current and past investments are Spectrum, Skandiabanken, SATS/Elixia, Helly Hansen, Rossignol and Lindorff. For more information visit www.altor.com
About Goldman Sachs Merchant Banking Division
Since 1986, the Merchant Banking Division of Goldman Sachs has raised over USD140 billion of capital in equity, credit and real estate funds to invest in a variety of geographies, industries and transaction types. With Merchant Banking representatives in six countries around the world, Goldman Sachs is one of the largest managers of private capital globally, offering deep expertise and longstanding relationships with companies, investors, entrepreneurs and financial intermediaries. Goldman Sachs is leading global investment banking, securities and investment management firm that provides a wide range of financial services to substantial and diversified client base that includes corporations, financial institutions, governments and individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centres around the world. Further information on Goldman Sachs can be found on the website: www.goldmansachs.com