Monday 25 February 2008 ~ Raymarine plc ("Raymarine"), a global leader in the supply of electronic products to the leisure marine market, today announces that it has agreed to acquire the business and assets of NavSystems Oy ("NavSystems"), the sole distributor of Raymarine products in Finland, for a consideration up to a maximum of €5 million (£3.8 million). The whole of the consideration is payable in cash using Raymarine's existing facilities. It is anticipated that completion will take place during week commencing 25 February 2008.
NavSystems operates from Lohja, near Helsinki, where it employs a total of four staff. The current Managing Director of NavSystems, Jouni Kyttälä, will work for the acquiring company for a period of time to help ensure a smooth transition.
In addition to Raymarine products, NavSystems distributes a small number of products manufactured by third party suppliers, and Raymarine will take on the distribution of these products following the acquisition.
For the year ended 31 December 2007, NavSystems reported a turnover of €4.4 million (£3.3 million).
The acquisition is expected to be earnings enhancing before restructuring costs in the first full year of ownership.
Malcolm Miller, Chief Executive of Raymarine, stated:
"I am pleased to have reached agreement to acquire the business and assets of NavSystems, and with it a highly capable team which will continue to build Raymarine's relationships and grow our presence in an important market. This is the fifth distributorship to be acquired by Raymarine in 13 months, and the
second since the start of 2008."
Raymarine plc
Malcolm Miller, Chief Executive
Tony Osbaldiston, Finance Director
Tel: 023 9269 3611
Hogarth Partnership Limited
Chris Matthews
Andrew Jaques
Ian Payne
Tel: 020 7357 9477
