Brunswick Corporation has completed its acquisition of Navico, a global leader in marine electronics and sensors for $1.05 billion.
With this acquisition, Brunswick adds the industry leading Navico brands of Lowrance, Simrad, B&G, and C-MAP to its Advanced Systems Group (ASG), which includes the leading Parts & Accessories (P&A) brands in power management, digital control and monitoring, and networked devices.
Navico is a leading provider of multi-function displays, fish finders, autopilots, sonar, radar, and cartography. Navico’s strong brands serve most major powerboat and sailing markets for both recreational and commercial applications.
Navico’s revenues totaled approximately $470 million for the trailing 12-month period ended May 31, 2021, with attractive revenue growth, a strong margin profile, and a capital efficient business model. Brunswick’s P&A segment accounts for about $1.5 billion – or 35 percent of total 2020 annual revenues. With the addition of Navico, Brunswick expects its P&A businesses to have revenues on a run-rate basis exceeding $2.0 billion. Navico’s significant aftermarket orientation and attractive margin profile further add to Brunswick’s cycle resistant business profile.
“This transaction is part of our Next Wave strategy and immediately accelerates our ACES strategy and solidifies the Company’s commitment to acquire businesses that strengthen Brunswick’s ability to provide complete, innovative digital solutions to OEM customers,” said Dave Foulkes, Brunswick Corporation CEO. Along with welcoming an accomplished and respected global workforce, we are also adding a talented, experienced, and customer-focused management team, which will remain in place and play a major role in the execution of our strategy.”