LAKE FOREST, IL
- Brunswick Corporation it has reached a definitive agreement to sell Brunswick New Technologies' (BNT) fleet management business unit to Navman Wireless Holdings L.P. Terms of the transaction were not disclosed, and completion of the sale is subject to customary conditions.
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," explained 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 existing senior BNT management team at the helm."