Portsmouth’s Raymarine, which supplies electronic products to the leisure marine market, has acquired the Italian distributor of its products, Deck Marine, in a deal worth up to £18.8m.
Deck Marine was founded in 1976, employs 15 staff and is headquartered in Milan. Barring one product line, Deck Marine will continue to distribute all the products it currently handles made by manufacturers other than Raymarine.
Malcolm Miller, chief executive of Raymarine, said: ‘I am delighted that Raymarine has reached agreement to acquire Deck Marine, the fourth distributorship we have acquired within the last 12 months. In Deck Marine we know we are gaining another strong team of people with excellent trading relationships and a leading market share in one of Raymarine's key markets.'
Raymarine indicated in a pervious announcement that it intends to acquire further Raymarine distributorships in the future.