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Random Quote: Aye Johnny, have you ever been lost at sea? No Cap'n, but I've been blown ashore many atime!
Raymarine is so deeply ingrained in the world of boating that its loss would have adverse effect virtually everywhere a boat can float. I can't count more than a dozen sailboats I know that do not have a Raymarine SOMETHING on board. And there will be a few brilliant but underemployed engineers in England, and a product support structure we won't be able to connect with.
__________________ If it ain't broke, I haven't played with it.
According to the quote below, it looks like Garmin decided to just put Raymarine out of business, rather than buying them.
"Garmin Ltd (GRMN.O) was in talks to buy the company in August, but Seymour Pierce analyst Ian Robertson said there was no reason for the U.S. navigation device maker or other companies to consider a takeover at the moment.
Moreover, after several fund raisings in the UK small-cap technology market, few investors would be willing to put money into Raymarine, Robertson told Reuters.
"Insolvency is the most likely course, if I were a betting man," he said."
In talking with a buddy about this, we wondered about the relationship with RAYTHEON.
Well here it is. None, anymore.
RAYMARINE History and development
The company was originally founded as Nautech Limited in 1974, by Derek Fawcett, a mechanical engineer and keen sailor, with the aim of producing a low-cost autopilot for leisure marine market. Initially a single product was produced under the Autohelm trademark, and its early success led to further development of an ever-broadening range of products.
In 1990, the company ceased to be family owned when it was acquired by Raytheon, a US based Defense Company.
Raytheon has had strong associations with marine technology, dating back to 1923 when it produced the first depth sounders. The acquisitions of Apelco Limited in 1958 and then Nautech Limited in 1990 (Nautech’s autopilots products were sold under the Autohelm brand) allowed Raytheon to expand its marine presence.
In 1993, these businesses were consolidated into operations in Portsmouth, UK and in New Hampshire, US and in 1998 they were consolidated under the single brand identity of Raytheon.
Raymarine Ltd. was formed in a January 2001 management-led buyout of the Raytheon Corporation’s recreational marine electronics business.
Since the management buy-out, the Group has invested significantly in the growth and profitability of the business. In particular, greater focus has been placed on developing new products and on strengthening the Group’s sales and marketing teams.
Malcolm Miller, Chief Executive, was appointed in January 2003, bringing with him extensive experience of marketing, new product development and manufacturing operations within the consumer electronics arena. In addition, Terry Carlson, President of Americas and Head of Global Product Management, was appointed in December 2002 and Tony Osbaldiston, Finance Director, in August 2004.
The flotation of Raymarine plc on the London Stock Exchange took place on 6 December 2004. A placing price of 152p gave a secure and diversified shareholder base.
In 2007, Raymarine established two key additions to the Group. Raymarine Asia Pty Ltd was founded, taking responsibility for sales, marketing, distribution and customer support for Australia and Southeast Asia. Raymarine also acquired their sole French distributor. Based in Paris, SDM Electronique SAS distribute Raymarine products in France, Monaco and French overseas territories.
__________________ USCG 100 TON MASTER
Pursuit 2870 CC
Palm Beach 161
1984 Mckee Craft 14'
Sunset on the ICW
Madeira Beach, Fl
Honeymoon Harbor
Bimini
"Many times life gives you the test, before you learn the lesson!"
Raymarine isn't going anywhere. The business is run too well and any venture capitalist with the funds would be well advised to absorb its losses and take the company for a steal. Anyone want to put together some money and buy it, Green Bay Packers style?
Raymarine isn't going anywhere. The business is run too well and any venture capitalist with the funds would be well advised to absorb its losses and take the company for a steal. Anyone want to put together some money and buy it, Green Bay Packers style?
Well Run? Another quote from the Rueter's article: "The marine electronic products supplier, which ended the period with a net debt of 91.6 million pounds ($152.7 million), said it was in talks to either sell its business or equity.
"In light of these discussions the board considers it increasingly likely that little, if any value for ordinary shareholders will be realised," it added."
Um, I think I would rather invest my money elsewhere, but thanks for the offer!
But in reality, this would suck for us. Especially since it looks like they are/were about to release a nice new product, the hybrid line.
I agree Birdman, the E-120W has my attention.
Justin, heck 150 million bucks is pocket change now a days. Well, not for me. I think GM and Chrysler lose that much a day. Kidding of course, don't know how much they lose/lost.
Maybe a couple of those bankers with boats can pool their bonus checks and buy it?
wow, big change in the whole makeup in Marine electronics if they go down.....just for curiousity, does anyone know what raymarine, Garmin or Furono use for their high end CPU's solutions?
cc
According to the quote below, it looks like Garmin decided to just put Raymarine out of business, rather than buying them.
"Garmin Ltd (GRMN.O) was in talks to buy the company in August, but Seymour Pierce analyst Ian Robertson said there was no reason for the U.S. navigation device maker or other companies to consider a takeover at the moment.
Moreover, after several fund raisings in the UK small-cap technology market, few investors would be willing to put money into Raymarine, Robertson told Reuters.
"Insolvency is the most likely course, if I were a betting man," he said."
Makes sense ! Why should they buy them? If they let them go under and close they stand to get most of the business anyway without spending anything.
Lady's Travels: From Minnesota on Lake Superior to Nassau, to Charleston, SC., to Key West, Fl. & Return.
Charleston to Windsor, Ontario Canada
Now exploring the Great Lakes...
How much different is bankruptcy courts over there? Here in the states I believe the company would go up for sale under the supervision/protection of bankruptcy court. For some reason, I feel a buy out coming from China if Garmin does walk away.
Good article, Craven. The most interesting part is the comment that aside from the debt, Raymarine is a good company. I suspect (like BWP) that it will stay afloat through the winter, go to foreclosure, and some vulture will snap up the assets and set it on its feet for a little while longer. Lets hope he doesn't follow the Navico model and lose the brain trust.
__________________ If it ain't broke, I haven't played with it.
Good article, Craven. The most interesting part is the comment that aside from the debt, Raymarine is a good company. I suspect (like BWP) that it will stay afloat through the winter, go to foreclosure, and some vulture will snap up the assets and set it on its feet for a little while longer. Lets hope he doesn't follow the Navico model and lose the brain trust.
That's the galling part of a lot of melt-downs these days. RM, aside from a debt load that has nothing to do with operations, is a sound business. The debt load came as part of it's lbo from raytheon.
If someone could acquire it as a whole after a court reduces it's debt burden, it will be a good snag for someone. It will likely be worth more whole to the creditors than in liquidation, which isn't always the case. A lot of times, they are worth more in liquidation (which was the case with boaters world).
I suspect there is a Chinese company somewhere that would like a piece of the marine and outdoor consumer electronics market (compete with garmin down to handhelds), and will swoop in if the deal is good enough. They are just waiting like vultures.
Or it will go to liquidation, which will only get creditors pennies. Don't know how these things get handled in the UK, maybe they still throw into debtors prison over there as well.
__________________
Terry Jason 35, Yanmar 370 hp, Lots of fun at a leisurely pace
It is a good company with good products. Appears it did have poor managers who will hopefully get terminated in the re-shuffle. Erase the current equity, sell off the distributors, get a proper level of debt via a re-structure and you have a good company again.
Not great for the employees who don't what will happen next and have to wait until next year for a solution. Hope they stay - I have an E120W system being installed
Raymarine ........ 
