Raytheon Marine Purchased By Management Buyout Group
The management of Raytheon Marine Company (RMC) has successfully purchased the recreational marine products division for $108 million. The management buyout team was backed by the European venture capital firm Mercury Private Equity. Led by CEO Rick Kane, former managing director of RMC, the management buyout group is comprised of five additional managers from the leadership team with extensive experience in product development, logistics, manufacturing and finance. The new company will operate as Raymarine Company.
The Company is firmly established as a technological leader in marine navigation equipment with award winning products such as the Pathfinder radar; Autohelm Series of autopilots and instruments; and Raychart navigation systems.
The sale includes Recreational Marine's headquarters and manufacturing operations in Portsmouth, U.K. and its sales and engineering operations in Nashua, N.H. and Fort Lauderdale, Fla. There are approximately 575 employees at these sites.
The management buyout group stated that there are no plans of downsizing the workforce.