Johnson Outdoors has reached agreement to acquire Geonav, one of Europes marine electronics companies. The Geonav chartplotter and marine accessories brand and assets were acquired in a stock purchase from Navionics of Viareggio, Italy. Management said that the deal is in-line the companys strategic focus on acquisitions that complement its businesses, expand marketplace scope and opportunity, and strengthen profitability.
Geonav operations will be integrated into the companys existing Marine Electronics Group business unit, a global leader in electronic fishing systems with Minn Kota electric motors and accessories, Humminbird fishfinders and Cannon downriggers.
“Our vision is to own the outdoor adventure with a clear focus on sustained, profitable growth by expanding our markets, our brand equities and our technology horizon through continuous innovation and targeted acquisitions,” said Helen Johnson-Leipold, Chairman and Chief Executive Officer, Johnson Outdoors. “This acquisition will enable us to leverage our strength in innovation and branding with Geonav insight and knowledge of the European marketplace to grow all our Marine Electronics brands into the #1 position in every key country in the region.”
“NAVIONICS is the pioneer in electronic chartplotting technology used today by leading marine electronics and boat manufacturers around the world. Over the years we are proud to also have built Geonav into a leading consumer chartplotter brand which is well-suited to join the strong and growing Johnson Outdoors portfolio. With this transaction, NAVIONICS will focus our resources on continuing to bring forward the worlds most innovative technology in marine and outdoor cartography,” said Giuseppe Carnevali, Founder and Chief Executive Officer, NAVIONICS.
As a result of this acquisition, Johnson Outdoors now competes in eight distinct marine electronics segments which combined represent a global marketplace opportunity of nearly $1 billion.
