The folks at Brunswick Corp. have been busy buying up technology and distribution avenues with the $33 million purchase of a majority stake in New Zealand GPS manufacturer Navman, and the $52 million purchase of Pompano FL based Land n Sea Corp.
Navman has historically been looked upon as a model for New Zealand-owned business and industry, but the founder, Peter Maire, felt that he did not need to defend his actions. NZ Finance Minister Michael Cullen did not feel the same after the company was given several government grants, including one for nearly $1 million.
Emerald Capital Partners investment manager Andrew Clement said that Navman would become a “far larger and better company in New Zealand as a result of the Brunswick ownership.”
Brunswick Corp acquired 70% ownership of the New Zealand flagship manufacturer with the option to purchase the remaining shares by 2005.
As if the Navman action wasnt enough, Brunswick last week also purchased Land n Sea Corp, the largest North American distributor of marine engines and parts.
Dustan E. McCoy, president of the Brunswick Boat Group said, “This transaction is the first step in establishing and building a dedicated boat parts and accessories business Land N Sea, with its same-day service capability, will become the distribution arm of that new business.”
Brunswick purchased Land n Sea for approximately $52 million, which consists of $9 million in cash, notes issued to the seller, the assumption of debt, and a previous investment.
