On July 20, an investment group led by Shah Capital Partners (SCP), Santa Clara, Calif. and Paris, France, reached a definitive agreement to acquire Thales Navigation, provider of solutions in the consumer, survey, GIS and OEM GPS navigation and positioning markets. When the transaction closes in the third quarter of 2006, the new company will be named Magellan Navigation Inc. and will be headquartered in San Dimas, Calif.
Thales Navigation is the creator of the ProMark single-frequency GPS survey product line and is recognized worldwide through its Magellan brand. The company has experienced 200 percent consumer revenue growth over the past three years as GPS technology has proliferated across a range of consumer and commercial applications.
"Thales Navigation is well-positioned with a number of core strengths, including leadership positions in both consumer and commercial markets, the strength of the Magellan brand, pervasive retail distribution and a strong technology portfolio," said Ajay Shah, managing partner of SCP. "We are looking forward to working with the management team to build on these successes and continue the growth of the business as demand for navigation technology continues to expand."
"SCP is a great fit for Thales Navigation," said Henry Gaillard, chief executive officer of Thales Navigation. "We intend to execute aggressively on our strategy to increase our leadership in the consumer, survey, GIS and OEM markets worldwide, and SCP is both committed and uniquely qualified to help us achieve even greater success as a stand-alone company."
SeePOB'sSeptember issue for an in-depth interview with Francois Erceau, general manager of the worldwide survey and GIS business unit of Thales Navigation.
Thales Renamed Magellan in Buyout
August 1, 2006