Altor News

Brunswick Corporation entered into a definitive agreement to acquire Navico for $1.05 billion, bringing to Brunswick's Advanced Systems Group (ASG) well-known marine electronics brands such as Lowrance, Simrad, B&G and C-MAP."The acquisition of Navico and its award-winning brands will immediately accelerate Brunswick’s ACES (Autonomy, Connectivity, Electrification and Shared-Access) strategy, and support our vision to deliver distinctive new products and technology-enabled experiences,” said Dave Foulkes, Brunswick Corporation CEO.

Digital Marine Solutions AS (DMS), the parent company of C-Map, has appointed Paul Østergaard as executive chairman. Together with the DMS board of directors and the C-Map leadership team, Østergaard will develop and implement the company’s strategic plan and lead the company in achieving its growth targets for 2017 and beyond. Østergaard began his career as an officer with the Danish Royal Guards and then spent five years with ship-owner J. Lauritzen in commercial and operational roles in Denmark and Brazil.

Navico – a provider of marine electronics and parent company to the Lowrance, Simrad, B&G and GoFree brands – announced 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. In the last two years, the company developed such technologies as the HALOTM Pulse Compression Radar technology…

Digital Marine Solutions (DMS) has completed acquisition of the assets of the Marine Division of Jeppesen, a Boeing company. Digital Marine Solutions is owned by the Altor 2003 Fund. Under the terms of the agreement the Jeppesen Marine and C-MAP portfolio will continue to operate as a separate entity under the C-MAP brand name. Operating with its own dedicated resources and management team lead by CEO Egil Aarstad, the new organization’s immediate focus will be on maintaining sales and service to customers that already purchase from C-MAP/Jeppesen Marine across its Recreational…

Marine electronics group Navico, a literal ‘house of brands’ for the recreational, sail, power and commercial marine markets, is making a strong push in the commercial sector with its Simrad brand. The ascension of Navico in recreational marine electronics business – an estimated $1 billion market globally – was fast and furious, growing from roughly 7% of the global market in 2005 to nearly 30% in 2007, standing steady at about 35% today, fueled by a strategy built on the acquisition of strong brands mixed with organic growth.

A group of 26 institutional investors has issued a summons against bankrupt Danish ship fuel supplier OW Bunker in the latest stage of a legal campaign for allegedly misleading them in its 2014 initial public offer (IPO). The investors had said last year they would sue Bunker, private equity fund Altor and the company's board over their responsibility for the company's flotation prospectus, after the company filed for bankruptcy just months after listing. The investors, which include two of the largest pension funds in Denmark…

Digital Marine Solutions announced today it has signed a purchase agreement to acquire the marine division of Jeppesen, subject to regulatory approval. Under the terms of the agreement, the former Jeppesen Marine will operate as a separate entity with its own dedicated resources and will trade under the C-MAP brand name. Jeppesen will remain as part of The Boeing Company. Digital Marine Solutions is owned by the Altor 2003 Fund, which is part of the Nordic based Altor family of private equity funds. This strategic acquisition leverages Altor’s experience in the Marine industry, where it also is the majority owner of the Navico house of marine brands.

A group of 27 Danish institutional investors say they will launch a legal action against the former management of OW Bunker, a shipping company that filed for bankruptcy last year just six months after listing, and the private equity firm that brought the company to market. The Danish investors including two of the largest pension funds in Denmark, ATP and PFA, with assets of more than $165 billion have sued OW Bunker for 800 million Danish crowns ($120 million). The first case is against OW Bunker, its management and its owner, private-equity company Altor Funds. The second case claims that OW Bunker failed to disclose information at the appropriate time, in accordance stock exchange rules.

A group of Danish investors have sued OW Bunker for 800 million Danish crowns ($120 million) for misleading them in its initial public offer (IPO), after the ship fuel supplier filed for bankruptcy just months after listing. The 27 institutions, including two of the largest pension funds in Denmark, ATP and PFA, with assets of more than $165 billion, filed two lawsuits, they said on Friday. The company, which had been valued at $1 billion when it floated at the end of March, came to grief in November 2014 after suffering hedging losses of almost $300 million. The first case is against OW Bunker, its management and Altor Funds, the private equity fund that owned the company before listing it, regarding their responsibility for drawing up the prospectus for the flotation in March 2014.

Private equity co Altor plans to partly sell holding; OW Bunker FY net up almost 50 pct at $63.4 mln. Revenue up more than 20 pct at $16.99 billion. Danish ship fuel supplier OW Bunker plans an initial public offering (IPO) of shares in Copenhagen, it said on Wednesday, confirming what sources familiar with the matter had told Reuters on Monday. The company, which has a share of around 7 percent of the global shipping fuel market, said it planned to sell new stock as well as some of the shares owned by its major shareholder, private equity group Altor. It did not say how much it planned to raise. The company also posted full-year 2013 results showing revenue up more than 20 percent to $16.99 billion and net profit up almost 50 percent to $63.4 million.

Danish ship fuel supplier OW Bunker aims to publish plans for a stock market listing this week, three sources familiar with the matter told Reuters on Monday. "The plan is to be listed before Easter," one source said, adding that Morgan Stanley, Carnegie, Nordea and ABG would lead the IPO. Two other sources said an intention to float letter will be published later this week. Private equity group Altor has owned OW Bunker since buying its parent Wrist Group in July 2007. No indication was given on the price Altor paid, although local media said that it could have been anywhere between 1 and 2 billion Danish crowns ($182-364 million). "An exit may well come in the foreseeable future," Altor's head of Danish activities Soren Johansen told Reuters in January.

Alfa Laval – a leader in heat transfer, centrifugal separation and fluid handling –signed an agreement to acquire Aalborg Industries Holding A/S for a total cash consideration of $729.6m, on an enterprise value basis, from Altor 2003 Fund, LD Equity and the Company’s management. Aalborg Industries has some 2,600 employees and is expected to generate sales of about $481.5m in 2010. The acquisition will be accretive to EPS from 2011. The closing of the transaction is subject to clearance from regulatory authorities. Headquartered in Aalborg, Denmark, the company is a provider of products, systems and service solutions, today mainly to the marine and off-hore markets, but it also has an increasing exposure to the power industry as well as to other industrial end markets.

Today, a company to be known in the development, production, marketing and sales of marine electronics comes to life, under the name of Navico. The launch of Navico is the result of the merger between Simrad Yachting AS and Lowrance Electronics Inc. The newly merged company will reach world wide revenues close to $300m for 2006. The company's headquarters is located at Lysaker outside of Oslo, Norway and the total number of employees will be approximately 2.500, spread world-wide. Bringing it all together is new company owner Altor, a Nordic investment company. The market for marine electronics is experiencing international growth. Bringing together four of the world's strongest brands in the marine electronics business in one company…

Simrad Yachting AS and Lowrance Electronics, Inc. shares of Lowrance for USD 37.00 per share. January 27, 2006. merger at the same price. subject to any financing conditions. merger, Lowrance will become a wholly owned subsidiary of Simrad Yachting. stockholders tender their shares into the tender offer. and GPS navigation systems segments of the market. the automotive and aviation markets. leisure boats and smaller commercial vessels. electronics and defense company.

Simrad, Inc., a subsidiary of the Kongsberg Group and U.S./Canadian distributor for Simrad marine electronics, announced that Kongsberg has sold the company to Altor, a Nordic investment fund. The sale involved all four European Simrad factories, the holding company Simrad AS and distribution companies in addition to Simrad, Inc. including Simrad AB (Sweden), Simrad GmbH (Germany), Simrad SA (France), Simrad BV (the Netherlands) Simrad Srl (Italy), and Simrad Canada Ltd. “We view this as a very positive development for Simrad, Inc. and the marine electronics industry in North America,” said Brian Staton, President of Simrad, Inc. “This will result in a fresh wave of investment in our important recreational yachting and commercial markets.