Goldman Sachs Asset Management and Altor announce the sale of Navico, a global leading marine electronics company, to Brunswick Corporation for $1.05bn


Jun 24 2021

June 24th, 2021 – Goldman Sachs Asset Management Division (“Goldman Sachs”) and Altor Fund IV (“Altor”) today announced that they have agreed to sell Navico, a global leader in marine electronics, to Brunswick Corporation (NYSE: BC), the largest recreational marine company in the world.

Navico is a leading provider of marine electronics to the recreational segment, selling its products under the Lowrance, Simrad, B&G, and C-MAP brands, and offering a full range of advanced marine electronics solutions. The product portfolio includes networked display systems, standalone displays, sonars, radars, autopilots, gyros, instruments as well as cartography and software products. Navico has also extended its portfolio of networked products into other areas such as trolling motors, integration and connectivity and digital services.

Goldman Sachs and Altor acquired Navico in 2016 from Altor 2003 Fund, recognizing its value proposition arising from its being a pure-player in marine electronics, its strong R&D and product organization, and its differentiated brand strategy targeting distinctive customer segments. Over the past 5 years, Goldman Sachs and Altor have worked with Navico’s management to further scale Navico globally, recruiting top talent in the industry, building a strong digital presence by launching e-commerce initiatives, and expanding its global footprint with a goal of becoming a global leader in recreational marine electronics.

“We are extremely proud of Navico’s growth and success under the leadership of Knut Frostad and the broader management team since our investment in 2016. Navico is a unique platform with exceptional technology, a long history as a pioneer of marine electronics and a deep connection to its customers. It has been a privilege to assist the company in its development, closely supported by the GS Value Accelerator. We are excited to see Navico joining forces with Brunswick to empower the next generation experience for customers.” said Michael Bruun, Head of the EMEA Private Equity business within Goldman Sachs Asset Management.

“We are thrilled to have found an excellent new home for Navico, and the combined group is very well placed to continue delivering exciting new products, services and experiences to customers globally. Navico has realized significant operational improvements across its business activities, and it has been a privilege to work with Navico’s visionary management team over the years.” said David Hess, Partner at Altor.

“After a strong period of growth, we are very excited about joining the Brunswick family to further strengthen our offering and support our customers going forward,” said Knut Frostad, Navico’s President & CEO. “On behalf of everyone at Navico, we cannot wait to begin our journey with Brunswick and share our passion and dedication with their team. By working together, we will be able to deliver a unique and integrated customer experience.”

The selling shareholders and Marine Innovations Group AS were advised by Goldman Sachs Bank Europe SE, Sweden Bankfilial, Carnegie Investment Bank, Sullivan & Cromwell LLP and Wiersholm.

The closing of the transaction is anticipated during the second half of 2021, and is subject to, among other things, regulatory and antitrust review and approval.

About Navico
Navico is a leading marine electronics company selling products under the Lowrance®, Simrad®, B&G® and C-MAP® brands and with 239 years of combined heritage. Navico has about 2,000 employees globally and distribution in more than 100 countries worldwide. For more information, visit

About Goldman Sachs Asset Management
Bringing together traditional and alternative investments, Goldman Sachs Asset Management provides clients around the world with a dedicated partnership and focus on long-term performance. As the primary investing area within Goldman Sachs (NYSE: GS), we deliver investment and advisory services for the world’s leading institutions, financial advisors and individuals, drawing from our deeply connected global network and tailored expert insights, across every region and market—overseeing more than $2 trillion in assets under supervision worldwide as of March 31, 2021. Driven by a passion for our clients’ performance, we seek to build long-term relationships based on conviction, sustainable outcomes, and shared success over time. Follow us on LinkedIn.

About Altor
Since inception, the family of Altor funds has raised some EUR 8.3 billion in total commitments. The funds have invested in excess of EUR 5 billion in more than 75 companies. The investments have been made in medium sized companies in Northern Europe with the aim to create value through growth initiatives and operational improvements. Among current and past investments are Dustin, CTEK, Eleda, OX2, RevolutionRace, Rossignol, SATS, and Trioworld. For more information, please visit

About Brunswick
Headquartered in Mettawa, Ill., Brunswick Corporation’s leading consumer brands include Mercury Marine outboard engines; Mercury MerCruiser sterndrive and inboard packages; Mercury global parts and accessories including propellers and SmartCraft electronics; Advanced Systems Group, which includes industry-leading brands like MotorGuide, Attwood, Mastervolt, Blue Sea Systems, CZone, and ASG Connect system integrators; Land ’N’ Sea, BLA, Payne’s Marine, Kellogg Marine, and Lankhorst Taselaar marine parts distribution; Mercury and Quicksilver parts and oils; Bayliner, Boston Whaler, Crestliner, Cypress Cay, Harris, Heyday, Lowe, Lund, Princecraft, Quicksilver, Rayglass, Sea Ray, Thunder Jet and Uttern boats; Boating Services Network, Freedom Boat Club and Boat Class. For more information, visit

Goldman Sachs Bank Europe SE, Sweden Bankfilial
Goldman Sachs Bank Europe SE, Sweden Bankfilial (“GSBE”), is acting as financial adviser to Altor, Goldman Sachs Asset Management Division and Marine Innovations Group AS and no-one else in connection with the transaction described in this announcement. Neither GSBE nor its affiliates, nor their respective partners, directors, officers, employees or agents are responsible to anyone other than Altor, Goldman Sachs Asset Management Division and Marine Innovations Group AS for providing the protections afforded to clients of GSBE or for providing advice in connection with the transaction described in this announcement or for any other matters referred to herein.

Press contact

Karin Åström

Head of Communications

+46 707 64 86 59



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