Jeppesen will sell its marine division to Digital Marine Solutions under a deal announced late Tuesday, subject to regulatory approval.
Digital Marine Solutions is owned by the Altor 2003 Fund, which is part of the Nordic-based Altor family of private equity funds. Altor also is the majority owner of the Navico house of marine brands, including Simrad, Lowrance and B&G.
Under the terms of the agreement, the former Jeppesen Marine will operate as a separate entity and will trade under the C-MAP brand name. Jeppesen will remain as part of Boeing Commercial Aviation Services.
“We are pleased that our marine team is joining Digital Marine Solutions, where it will continue to deliver industry-leading cartography and operations solutions to recreational and commercial mariners, alike,” Jeppesen CEO Kevin Crowley, said in a statement. “We are making this move to focus on our core aviation business, while at the same time positioning the marine business to succeed.”
Leif Ottosson, CEO of Navico and future chairman of the new company, expressed his enthusiasm about the acquisition.
“Jeppesen Marine is one of the premier players in electronic charting and value added services for recreational and commercial marine,” he said. “We look forward to working with the Jeppesen Marine team to create fresh innovations and to continue to work with Jeppesen Marine’s existing customers to further grow the business."
Pending regulatory approval, the transaction is expected to be completed toward the end of the second quarter 2016.