As of 21st October 2005, Kongsberg Maritime sold the parts of 'Simrad' that produce products for and market to the leisure (yachting) and commercial (professional) marine markets, to the Nordic Investment Company Altor. The new company under ownership of Altor is called Simrad Yachting A/S.
“The main attraction to Simrad was the technology and quality of the products, the brand positioning in the upper segments of both commercial and leisure markets and of course the positions of B&G, communications and the autopilots are attractive,” says Hugo Maurstad, Altor Partner and new Chairman of the Simrad Yachting board.
Simrad's fishery department, based in Horten and specialising in hydroacoustic equipment for the professional fishing fleet remains under the ownership of Kongsberg Maritime and will be positioned in its underwater division. Kongsberg Maritime also keeps a 10% stake in Simrad Yachting A/S as it is deemed as a profitable business.
“The sale to Altor includes the majority of the elements that made Simrad successful. We are now able to focus even further on our core sectors and especially the sailing and powerboating markets,” comments Jan Berner, President, Simrad. “Simrad Yachting employees are happy with the new structure and we believe that we have a very bright future under Altor as it is committed to growing and expanding our business across the board.”
With a new name comes a change in direction and Simrad Yachting A/S will focus towards the leisure marine market in both power and sail. However, the company is keen to stress that Simrad Yachting products are still important to the fishing and commercial markets and will continue to be sold through these channels in addition to the leisure market.
Simrad Yachting A/S will produce two new catalogues. One as Simrad Yachting, which is dedicated to the leisure markets both power and sail, and one as Simrad Professional, with a focus on fishing boats and commercial vessels such as workboats and ferries.
The sale to Altor included the Simrad factories in Stovring, Denmark, Margate and B&G in the UK and Egersund in Norway. The following distribution companies also belong to Simrad Yachting A/S under Altor:
- Norway
- Holland
- Sweden
- UK
- Denmark
- France
- USA
- Italy (Milan)
- Germany
Additionally, Simrad Yachting A/S will be setting up its own distribution company in Spain, a job that former Managing Director of Simrad Spain (a split Kongsberg Maritime/Simrad company that remains part of Kongsberg Maritime) Knut Boe and his team are undertaking now.
“Our worldwide independent distributors will stay with Simrad Yachting A/S following the process of signing new agreements,” adds Jan Berner.
Simrad Yachting A/S continues its move to central distribution and retains ownership of the Central Warehouse facility in Stovring, which was opened in April 2005. Phase 2 of this program started on November 1st 2005.
