Navman founder buys 20 per cent share in GPS quartz supplier
Navman founder Peter Maire has taken a 20 per cent share in Rakon Ltd, a privately-owned company that manufactures quartz crystals and oscillators used in telecommunications.
The company, according to its website, also specialises in frequency references for GPS receivers.
Brunswick purchased a majority stake in Navman for about US$66 million.
Rakon managing director Brent Robinson told Scoop NZ that his company has a long association with Peter Maire personally as well as through collaboration with Navman in product development. "We feel that there is a natural fit with our GPS technology and Peter Maire's acknowledged international expertise in this sector," said Robinson.
Rakon founder and majority shareholder Warren Robinson has sold 20 per cent of his holding, while his sons Darren (Rakon marketing director) and Brent retain their existing holdings in the company.
Rakon was recently named the NZTE Supreme Exporter of the Year and Information and Communications Technology Exporter. The company exports around 95 per cent of its production, with about NZ$70 million in annual exports.
The company employs around 500 people in its Auckland headquarters at Mt Wellington. Peter Maire's investment partners include long-time colleague and former Navman board member Andrew Clements. The Rakon deal concludes investment discussions which commenced in July.
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