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16-07-12
Goldman Sachs Merchant Banking and Altor Fund IV to acquire Navico and Digital Marine Solutions from the Altor 2003 Fund
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Altor is a family of private equity funds focused on investing in and developing medium sized companies with a Nordic origin. We want to create enduring values and make a real difference as a valuable partner for owners and managers in building world class companies.

We work with a Nordic team with extensive international experience in fields such as private equity, consulting, investment banking and various industrial sectors.

Leading international institutional investors have committed a total of EUR 5.8 billion to the four Altor funds.

Our investment strategy since 2003 is based on identifying and realizing sustainable performance improvements in areas such as revenue growth, margin expansion and capital efficiency. As a rule of thumb, we only invest in companies where we see a potential for the company to double the operating profit in a five-year perspective.

Altor actively seeks to build and develop businesses in partnership with the prior owners and has achieved such co-ownerships in a majority of its investments.

Immediately after completing an investment, the handpicked Board of Directors and the management team develop the strategic agenda and the operating targets for the company.

A detailed roadmap is developed during an intense six-month period where facts are collected to establish a common perspective on competitive position, current performance and future opportunities. A key tool is a comprehensive benchmarking analysis against world class companies in the same industry. Thereafter, the program clarifies an implementation plan and prioritizes strategic initiatives addressing revenue growth, cost and capital effectiveness.

Altor provides ongoing support to the management team via frequent interactions informally. In addition, we appoint external board members with appropriate backgrounds and experiences that match our high ambitions. Altor can also support the management team with specific resources that can be added in order to complement existing skills and experience base.

We are allies in building a truly better business.

The fund managers of the Altor funds seek local expertise from their investment advisors, and local professional networks. We currently use more than 45 dedicated investment professionals, from the Nordic region, all having international experience in fields such as private equity, consulting, investment banking and from various industrial sectors.

The mix of professional backgrounds allows the team to support the funds and their portfolio companies with expertise and skills relevant to each specific value creation agenda.

Altor Equity Partners, the main investment advisor, operates out of offices in Copenhagen, Helsinki, Oslo and Stockholm to further enhance local networks and facilitate the interaction with our portfolio companies. Having the teams working across countries also ensures and promotes a shared culture and values.

As important, the success is dependent on the ability to attract and retain top talent in the portfolio companies and in the Board of Directors – where Altor has strong relationships with seasoned industrial executives who can contribute to building world class companies.

The Altor funds have secured strong support from leading international institutional investors who share Altor’s long term perspective on value creation. They include high quality Nordic institutions, US university endowments, charitable foundations and other leading international institutions. These institutions have committed to invest in the Altor 2003 Fund, Altor Fund II and Altor Fund III, all domiciled in Jersey, Channel Islands and with Altor Equity Partners as investment adviser and Altor Fund IV domiciled in Stockholm, Sweden.

More than 75% of the committed capital comes from investors outside the Nordic countries.

Being a world-class company includes ensuring high environmental, social and governance (ESG) standards. Altor’s commitment goes beyond compliance with rules and regulations – it’s intended to ensure that Altor contributes to the creation of companies that promote a sustainable future for business, society and the environment.
Altor Funds are signatories of PRI, The Principles for Responsible Investment, and are committed to PRI’s Six Principles.
We are also, with our advisors, supporting a number of initiatives we care deeply about, such as Stella, Hand in Hand and Ashoka.

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Companies & Cases

The companies in the Altor Funds have been through remarkable change journeys. Here you can find examples on these stories and cases of how exceptional businesses have been built.

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About private equity

Private equity refers to equity investments in enterprises not listed on a public stock exchange. With an active and time-limited form of ownership, private equity investors work together with the management of the companies in which they invest to enhance long term value. Private equity investors typically realize the value of their investment through an initial public offering or through a sale or merger of the company they control.

There are two investment stages. ‘Venture capital’ is an investment in forming and growing early-stage companies. ‘Buyout capital’ (where Altor is active) refers to acquisitions of significant stakes in larger, more established companies.

The demand for private equity has increased in the Nordic region as a result of the succesful investments made in the region. Further, a new wave of cross-border consolidation in combination with an ongoing focus on core operations resulting in further divestures give a positive outlook on the PE market in the Nordic region. This is further strengthened by the increased awareness in family owned businesses of the benefits of partnering with private equity investors to develop the company to the next level.

We believe that Private Equity is an important ownership form that is sometimes, but not necessarily always, the best for a company.

It all comes down to the situation that the company is in.

We like and are good at making significant improvements and lasting change. For instance expanding a great local brand or business into an international one or improving a company not performing at its full potential via growth initiatives and cost and capital effeciency improvements.

One of the greatest myths about Private Equity is that we act with a short-term mindset. It is true that we own the companies for a limited time, often around five years, but in order to develop the company and make it attractive for future owners – we take long-term actions in areas such as R&D to spur innovation and a sustainable development. Altor can in certain situations own companies for 15 years and beyond.

We are obsessed with building the best companies in the world. This passion can be seen in how actively each company is governed. But this does not lead to an ”us and them” issue with the company’s management – it is a true partnership where we are in it together, as allies.

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Goldman Sachs Merchant Banking and Altor Fund IV to acquire Navico and Digital Marine Solutions from the Altor 2003 Fund

Posted

On July 12th Goldman Sachs Merchant Banking Division and Altor Fund IV signed an agreement to acquire Navico Holding AS (Navico) and Digital Marine Solutions Holding AS (Digital Marine Solutions), owner of Jeppesen Marine, from the Altor 2003 Fund.

Navico is a leading provider of marine electronics to the recreational segment and is an innovative force within the commercial marine market. Navico sells its products under the three brands Lowrance, Simrad and B&G. The company was created from the acquisitions of Simrad-Yachting, Lowrance Electronics and Brunswick New Technologies.

Navico has worked systematically to integrate the three companies, consolidating seven brands into three, six factories into one and building one common technology platform. As a result, Navico has been driving innovation in its industry, launching one new product every 20th day, and has steadily grown its market share since 2009.

Subsequent add-on acquisitions completed include Maritime Information Systems, Concilium’s radar business and Contour Innovations. In addition, Digital Marine Solutions completed the acquisition of the companies and assets comprising Jeppesen Marine, which in addition to Navico will be acquired by the new owners.

Navico has also become the most profitable player in its industry, with 2015 Revenues of USD 309 million and an EBITDA of USD 62 million.

“It has been a privilege to work with the management team in Navico over the last ten years, building a great company, which is very well positioned for further growth. The high performing recreational business is an asset that also can be leveraged to grow in the commercial segment over the coming years. The digital platform represents a unique platform to participate in – and drive the digitalization of commercial marine in partnership with other industry players, with additional strength being brought to the platform by the new owners’ acquisition of Digital Marine Solutions from the Altor 2003 Fund”, says Hugo Maurstad, Chairman of the Board of Navico and Partner at Altor Equity Partners.

“We are impressed with Navico’s track record and speed of innovation”, says Michael Specht Bruun, Managing Director in the Merchant Banking Division of Goldman Sachs. “Through our partnership with Altor Fund IV we look forward to supporting the company and accelerating its organic and acquisition based growth”.

The transaction will be subject to customary regulatory requirements and approvals.

For more information, please contact:
Hugo Maurstad, Partner at Altor Equity Partners +47 2212 8383
Joseph Stein, Media Relations at Goldman Sachs: +44 20 7774 2523

About Navico
Navico is a leading provider of marine electronics to the recreational segment and is an innovative force within the commercial marine market. The combination of Simrad, Lowrance, B&G and GoFree brands has created a truly global company with approximately 1500 employees and distribution in more than 100 countries. For more information visit www.navico.com.

About Altor
Since inception, the family of Altor funds has raised some EUR 5.8 billion in total commitments. The funds have invested in excess of EUR 3.6 billion in more than 40 companies. The investments have primarily been made in medium sized Nordic companies with the aim to create value through growth initiatives and operational improvements. Among current and past investments are Spectrum, Skandiabanken, SATS/Elixia, Helly Hansen, Rossignol and Lindorff. For more information visit www.altor.com.

About Goldman Sachs Merchant Banking Division
Since 1986, the Merchant Banking Division of Goldman Sachs has raised over $140 billion of capital in equity, credit and real estate funds to invest in a variety of geographies, industries and transaction types. With Merchant Banking representatives in six countries around the world, Goldman Sachs is one of the largest managers of private capital globally, offering deep expertise and longstanding relationships with companies, investors, entrepreneurs and financial intermediaries. Goldman Sachs is leading global investment banking, securities and investment management firm that provides a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world. Further information on Goldman Sachs can be found on the website: www.goldmansachs.com.

Press enquiries

Tor Krusell
Head of Communications
Tel: +46 70 543 87 47
E-mail: tor.krusell@altor.com

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copenhagen

Copenhagen

Altor Equity Partners A/S
Christian IX’s Gade 7, III
1111 Copenhagen K
Denmark
Tel. +45 3336 7300
Fax +45 3336 7301
info@altor.com

helsinki

Helsinki

Altor Equity Partners OY
Pohjoisesplanadi 25 B
00100 Helsinki
Finland
Tel. +358 9 6829 470
Fax +358 9 6829 4750
info@altor.com

oslo

Oslo

Altor Equity Partners AS
Tjuvholmen Allé 19
N-0252 Oslo
Norway
Tel. +47 2212 8383
Fax +47 2212 8384
info@altor.com

stockholm

Stockholm

Altor Equity Partners AB
Altor Fond IV
Jakobsgatan 6
111 52 Stockholm
Sweden
Tel. +46 8 678 9100
Fax +46 8 678 9101
info@altor.com

st-helier-office

St. Helier

Altor Funds
11-15 Seaton Place
St Helier Jersey JE4 0QH
Channel Islands
Tel. +44 1534 833 000
info@altor.je

Dedicated Local Advisory Team

personpersonpersonpersonpersonpersonpersonpersonpersonpersonpersonpersonpersonpersonpersonpersonpersonpersonpersonpersonpersonpersonpersonpersonpersonpersonpersonpersonpersonpersonpersonpersonpersonpersonpersonpersonpersonpersonperson
  • Anders Bierke

    Head of Financing/Partner
  • Andreas Källström

    Director

    Andreas works with
    CTEK
    Qmatic
    Meltwater
    Infotheek

  • Anna Tropp

    Communications
  • Annette Delberger

    Executive Assistant
  • Åsa Moberg

    Head of Admin
  • Bengt Maunsbach

    Partner

    Bengt works with
    Haarslev Industries
    Papyrus
    Ålö
    Realia Group

  • Birgitta Rudbo

    Accounting
  • Catarina Ekeståhl

    Executive Assistant
  • Claes Ekström

    Partner

    Claes works with NorthStar, Orchid Orthopedic Solutions and Papyrus.

  • Clara Zverina

    Senior Associate 

    Clara works with Carnegie Investment Bank and Qmatic.

  • Harald Mix

    Partner

    Harald works with
    Dustin
    NorthStar
    ONE
    Carnegie Investment Bank
    C Asset Management Partners

  • Henrik Rundqvist

    Purchasing Director
  • Herman Båverud Olsson

    Intern
  • Jens Browaldh

    Senior Associate 

    Jens works with
    Dustin
    Rossignol Group
    Infotheek
    Ampco-Pittsburgh

  • Johan Bladh

    Associate

    Johan works with Carnegie Investment Bank and Infotheek .

  • Johan Blomquist

    Partner

    Johan works with Ferrosan Medical Devices, Ampco-Pittsburgh and ONE.

  • Johanna Löfstrand

    Executive Assistant
  • Johanna Lundgren

    Reception
  • Jonatan Lund-Kirkhoff

    Legal counsel
  • Karl Svenningsson

    Associate

    Karl works with C Asset Management Partners and Transcom.

  • Katarina Karlsson

    Executive Assistant
  • Klas Johansson

    Partner

    Klas works with
    CTEK
    Transcom
    Carnegie Investment Bank
    Nova Austral

  • Linda Sturesson

    CFO Office Associate
  • Magdalena Sundell

    Reception
  • Magnus Edlund

    Director

    Magnus works with Orchid Orthopedic Solutions and Rossignol Group.

  • Mattias Holmström

    Director

    Mattias works with Orchid Orthopedic Solutions and Meltwater.

  • Niclas Ekestubbe

    CFO
  • Omid Ghanei

    Investment Controller
  • Oskar Steneryd

    Senior Associate

    Oskar works with
    NorthStar
    ONE
    Ålö
    Transcom

  • Petter Samlin

    Director

    Petter works with
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    Carnegie Investment Bank
    C Asset Management Partners
    Dustin

  • Pia Irell

    Portfolio development director
  • Rebecka Nilsson

    Executive Assistant
  • Sanna Gladéus

    Reception
  • Sandra Gomejzon

    Accounting
  • Sofia Helgesson

    Associate
  • Stefan Linder

    Partner

    Stefan works with
    CTEK
    Dustin
    Infotheek
    Qmatic

  • Syzanne Hirsch Neuman

    Executive Assistant
  • Tor Krusell

    Head of Communications
  • Ulrika Hedman

    Accounting

Dedicated Local Advisory Team

personpersonpersonpersonpersonpersonpersonpersonpersonpersonperson
  • Andreas Hall

    Senior Associate

    Andreas works with Curato and Norsk Gjenvinning.

  • Elisabeth Kjernli

    Executive Assistant
  • Kjersti Myklatun

    Reception
  • Kjersti Røken

    Executive Assistant
  • Maria Tallaksen

    Director

    Maria works with
    Constructor
    Curato
    Enhanced Drilling
    Norsk Gjenvinning

  • Pål Stampe

    Partner

    Pål works with
    Constructor
    Enhanced Drilling
    Norsk Gjenvinning
    Rossignol Group
    Spectrum

  • Tom Jovik

    Senior Associate

    Tom works with
    Constructor
    Health & Fitness Nordic
    Nova Austral
    Skandiabanken ASA

  • Stian Tuv

    Senior Associate

    Stian works with Enhanced Drilling , Navico and Spectrum.

  • Liv Øverby

    Executive Assistant
  • Elisabeth Aanderud-Larsen

    Executive Assistant
  • Dilan Landgraff

    Associate

    Dilan works with Health & Fitness Nordic, Nova Austral and Curato .

  • Herman Korsgaard

    Senior Associate

    Herman works with Rossignol Group, Skandiabanken ASA and Constructor.

  • Tor Herman Smedsrud

    Associate

    Tor Herman works with Navico and Enhanced Drilling .

Dedicated Local Advisory Team

personpersonpersonpersonpersonpersonperson
  • Christian Jelsbech

    Student Analyst
  • Christian Lund Madsen

    Student Analyst
  • Daniel Reimann

    Senior Associate

    Daniel works with C Asset Management Partners, Haarslev Industries and Norican Group.

  • David Hess

    Director

    David works with Navico and Wrist Ship Supply.

  • Diana Kristensen

    Executive Assistant
  • Peter Bason

    Director

    Peter works with Haarslev Industries and Ålö.

  • Anna Brusch

    Reception
  • Sophia Sahin

    Executive Assistant
  • Søren Johansen

    Partner

    Søren works with
    C Asset Management Partners
    Haarslev Industries
    Norican Group
    Wrist Ship Supply

  • Thomas Kvorning

    Director

    Thomas works with Ferrosan Medical Devices, Haarslev Industries and Norican Group.

  • Thomas Palm Westermann

    Associate

Dedicated Local Advisory Team

personpersonperson
  • Aksana Eklundh

    Executive Assistant
  • Niko Mokkila

    Director

    Niko works with Health & Fitness Nordic and Papyrus.

  • Risto Siivonen

    Partner

    Risto works with ONE and Health & Fitness Nordic.

Local Team

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  • Rachael Smith