Egersund, Norway-based marine electronics manufacturer Navico announced today that it has merged with digital cartography pioneer C-MAP.
Both companies already share common owners in Goldman Sachs Merchant Banking and the Altor family of private equity funds, but had previously operated as autonomous business enterprises. Under the merger agreement, C-MAP joins the Lowrance, Simrad and B&G brands as part of Navico’s marine electronics portfolio effective immediately. “This merger is an incredible opportunity to drive innovation in the marine industry and lead a new digital era,” said Navico CEO, Leif Ottosson. “We see huge potential to bring our two teams together and accelerate growth.”
Altor acquired the C-MAP brand and assets from Boeing in 2016, where it had operated as part of the company’s Jeppesen Marine unit. “We’re incredibly excited to join forces with Navico,” said Sean Fernback, former CEO of C-MAP and now Navico Group CTO and corporate executive member. “We now have an opportunity to create a seamless experience by developing an ecosystem that combines the best hardware, software, services and applications.”
C-MAP enjoys existing business relationships with a number of marine electronics brands outside of the Navico portfolio, including Raymarine, Humminbird, Furuno, Si-Tex and Koden. Details on what the merger with Navico could mean for these existing these partnerships remain to be seen.