Brunswick Corporation (NYSE:BC) entered into a definitive agreement to acquire Marine Innovations Group AS from Altor Fund IV AB, managed by Altor Equity Partners AB and West Street Capital Partners VII Investments B, L.P. for $1.1 billion.
June 23, 2021
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Brunswick Corporation (NYSE:BC) entered into a definitive agreement to acquire Marine Innovations Group AS from Altor Fund IV AB, managed by Altor Equity Partners AB and West Street Capital Partners VII Investments B, L.P. for $1.1 billion on June 23, 2021. Brunswick will be using a combination of debt and cash on its balance sheet to fund the acquisition. Navico has a committed bridge financing with plans to arrange 3- and 10-year institutional bonds to finance the transaction. On June 23, 2021, Brunswick also entered into a commitment letter with JPMorgan Chase Bank, N.A. to provide Brunswick with a 364-day senior unsecured bridge facility in an aggregate principal amount not to exceed $900 million, and the facility will be available to Brunswick to finance the transaction. Brunswick will add the industry leading brands of Lowrance, Simrad, B&G, and C-MAP to its Advanced Systems Group. Navico generated revenues of approximately $470 million for the trailing 12-month period ended May 31, 2021. As part of the transaction, the Navico management team will be added to Brunswick, which is expected to remain in place. The transaction is subject to usual and customary closing conditions as well as regulatory and antitrust review and approval. The transaction is expected to close during the second half of 2021. As of August 18, 2021, the transaction is expected to be completed on or before December 23, 2021. Post-closing, the transaction will be earnings-neutral to 2021 for Brunswick Corporation.
J.P. Morgan Securities LLC acted as the financial advisor to Brunswick Corporation and is providing committed financing. Michael DeFranco, Airi Hammalov Kai Kramer, Ross Staine, John Fedele, Daniel Duk-ki Moon, Marcela Robledo, Elizabeth Gladstone, Jerome Tomas, Yuliya Kuchma, John Watson, Emily Harbison, Julia Wilson, Nicola James, Chris Guldberg, Rod Hunter and Callie Lefevre of Baker & McKenzie LLP and Jon Kristian Sjåtil of Advokatfirmaet Schjødt AS acted as the legal advisors to Brunswick. Goldman Sachs Bank Europe SE, Sweden Bankfilial and Carnegie Investment Bank AB acted as the financial advisors, while Ben Perry, Juan Rodriguez, Joseph J. Matelis, Mehdi Ansari, Heather L. Coleman, Michael Orchowski, Andrew Thomson, S. Eric Wang and Eric Queen of Sullivan & Cromwell LLP and Kai Thøgersen of Wiersholm, Mellbye & Bech acted as the legal advisors to Altor, Goldman Sachs Asset Management and Marine Innovations Group AS. Michael DeFranco, Airi Hammalov, Airi Hammalov, Adrian Chin, Sebastian Busa, Kellie-Ann McDade, Nancy Hamzo, Jeremy Hann, Frank Zhuang, Marie Francoise Brechignac of Baker & McKenzie LLP acted as legal advisor to Brunswick Corporation.
Brunswick Corporation designs, manufactures and markets recreational marine products, including marine propulsion products and boats, as well as parts and accessories for the marine and RV markets. Its segments include Propulsion, Engine Parts and Accessories (Engine P&A), Navico Group and Boat. The Propulsion segment designs, manufactures and sells engines, controls, rigging, and propellers globally. The Engine P&A segment sells products such as engine parts and consumables including oils and lubricants, electrical products, boat parts and systems, and also includes its marine parts and accessories distribution businesses. The Navico Group segment designs, develops, manufactures, and markets products and systems for the marine and RV, specialty vehicle markets. The Boat segment consists of the Brunswick Boat Group (Boat Group), which manufactures and distributes recreational boats, and Business Acceleration. Its boat brands include Boston Whaler, Lund, Sea Ray and Bayliner.
Brunswick Corporation (NYSE: BC) entered into a definitive agreement to acquire Marine Innovations Group AS from Altor Fund IV AB, managed by Altor Equity Partners AB and West Street Capital Partners VII Investments B, L.P. for $1.1 billion.
BRUNSWICK CORPORATION 
