Brunswick agrees to sell BNT business unit
LAKE FOREST, Ill. – Brunswick Corporation has reached a definitive agreement to sell Brunswick New Technologies’ (BNT) fleet management business unit to Navman Wireless Holdings L.P, Brunswick Corp. reported in a release yesterday.
Terms of the transaction were not disclosed, and completion of the sale is subject to customary conditions, the company said.
Navman Wireless Holdings was formed by Prairie Capital, a Chicago-based private equity firm, to acquire the business. The current members of BNT’s executive team will continue to manage Navman Wireless.
Previously, Brunswick had sold the marine electronics portion of BNT to Navico International Ltd., while the segment serving the personal navigation device market was purchased by MiTAC International Corporation. Brunswick began the process of selling BNT in April 2006.
“This transaction will essentially bring the sale of the BNT business units to a close,” said Dustan E. McCoy, chairman and chief executive officer of Brunswick. “For Brunswick, we are able to go forward more focused upon our core businesses, while the fleet management operations begin a new phase with the benefit of having the existing senior BNT management team at the helm.”
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