Navico Purchased by Goldman Sachs, Altor

Navico – a leading provider of marine electronics and parent company to the Lowrance®, Simrad®, B&G® and GoFree® brands – announced today that Goldman Sachs Merchant Banking Division and Altor Fund IV have partnered and signed an agreement to acquire Navico from the Altor 2003 Fund.

Navico is an innovative force within the recreational and commercial marine electronics market and has a rich history of investment in research and development. It has led to the development of award-winning technologies that make boating safer, easier and more fun. In the last two years, Navico developed the award-winning HALOTM Pulse Compression Radar technology, StructureScan® 3D sonar technology for fish finding and B&G sailing chartplotters used to race around the world.

The company was created from the acquisitions of Simrad Yachting, Lowrance Electronics and Brunswick New Technologies. Navico has worked systematically to integrate the companies, consolidating seven product brands into three, six factories into one and building one common technology platform. Today, Navico has approximately 1500 employees and its products are sold in over 100 countries.

Navico recently launched the GoFree brand to drive development of cloud-based digital solutions and apps across its product range. As part of its growth it acquired Contour Innovations, a leading cloud-based digital mapping provider. Navico has also increased its focus on the commercial marine market and, as part of this, acquired both Maritime Information Systems’ and Consilium’s radar business.

Over the last ten years Navico has been driving change in the recreational and commercial industry, launching one new product every 20 days, and has steadily outperformed its competitors and grown its market share since 2009.

“We are pleased that we will have the continued engagement and expertise of Altor who have supported our strong growth over the last ten years. The company has grown from a merger of three smaller companies into a technological leader in the marine electronics industry,” said Leif Ottosson, president and CEO of Navico. “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.”

“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,” said Hugo Maurstad, chairman of the board of Navico and partner at Altor Equity Partners. “The high performing recreational business is an asset that also can be leveraged to grow in the commercial segment over the next ten years.”

“Navico is a great company and its track record and speed of innovation is impressive,” said Michael Bruun, managing director in the Merchant Banking Division of Goldman Sachs. “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.”

The transaction will be subject to customary regulatory requirements and approvals. 

About Navico

Navico is a global leader in marine electronics for the recreational segment and is an innovative force within the commercial marine market. The combination of Simrad, Lowrance, B&G and GoFree brands has created a truly global company with approximately 1500 employees and distribution in more than 100 countries. For more information, visit

About Altor

Since inception, the family of Altor funds has raised some EUR 5.8 billion in total commitments. The funds have invested in excess of EUR 3.6 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 operational improvements. Among current and past investments are Spectrum, Skandiabanken, SATS/Elixia, Helly Hansen, Rossignol and Lindorff. For more information visit

About Goldman Sachs Merchant Banking Division

Since 1986, the Merchant Banking Division of Goldman Sachs has raised over $140 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 long-standing relationships with companies, investors, entrepreneurs and financial intermediaries. Goldman Sachs is a leading global investment banking, securities and investment management firm that provides a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and high-net-worth individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world.Further information on Goldman Sachs can be found on the website: