Co-investors who participated with SCP in the transaction included Tudor Group, Galleon Group, Consolidated Press Holdings, AIG SunAmerica, and Eli Broad.
The Company is the creator of the award-winning Magellan RoadMate series portable car navigation systems, the Magellan eXplorist outdoor handheld navigation devices, the Hertz NeverLost car navigation system and ProMark, the best-selling single frequency GPS survey product line on the market. The company is recognized worldwide through its Magellan brand and 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.
The transaction is expected to close in the third quarter of 2006. The new Company will be named Magellan Navigation, Inc. and will be headquartered in San Dimas, California.
“We are excited to work with such an industry leader in the high-growth navigation market,” said Ajay Shah, managing partner of SCP. “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. 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. “This is an exciting new phase for the company. 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.”
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