Yacht Equipment Supplier, Lewmar, Sells Rigging Division
Lewmar has sold Navtec in a private deal with Navtec Rigging Solutions Inc.
The sale includes both the US operation and Navtec Süd, a smaller manufacturing and service centre based in France.
Lewmar's CEO Peter Tierney commented, "The rigging business operates very differently to our primary market. The sale of Navtec will allow full focus to be put on our core competency of providing quality deck hardware through our well established distribution and OEM channels."
Allen Goddu, owner of Navtec Rigging Solutions Inc, is also President of Impact Alloys, who are a long-term supplier of raw materials to Navtec. who considers that the deal represents a natural progression in the aim of increasing vertical integration within the business.
Lewmar Ltd. and Lewmar North Europe will remain as Navtec distributors, supplying product and service to their existing customers in the UK and across Europe, as well as handling superyacht project requirements.