Jeppesen, a part of Boeing Commercial Aviation Services, has announced that it has reached an agreement to sell its marine business to Digital Marine Solutions. The companies have not disclosed the terms of the sale.
"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,' said Kevin Crowley, Jeppesen Chief Executive Officer. "We are making this
move to focus on our core aviation business, while at the same time positioning the marine business to succeed.'
Digital Marine Solutions is owned by the Altor 2003 Fund, which is part of the Nordic based Altor family of private equity funds. This strategic acquisition leverages Altor's long-standing experience in the marine industry with its past and current holdings, most notably Navico, a global leader in recreational marine electronics and an increasingly competitive player in the commercial marine market.
"Jeppesen Marine is one of the premier players in electronic charting and value added services for recreational and commercial marine,' said Leif Ottosson, future Chairman of the buyer. "We look forward to working with the team to create fresh innovations and to continue to work with Jeppesen Marine's existing customers to further grow the business.”
Completion of the transaction is subject to customary closing conditions. Between signing and closing, Jeppesen says it will continue to provide full support to the users of its marine products and services.