Volvo Penta acquires majority stake in Seven Marine
Gothenburg, Sweden based Volvo Penta has signed an agreement to become the major owner of innovative premium outboard motor manufacturer, Seven Marine, enabling the Swedish company to extend its scope of world-leading integrated propulsion systems, the Company said in a press release.
The deal will broaden Volvo Penta’s technology platform, offering a modular, cutting-edge solution, regardless of the energy source, to deliver the desired power in the water. Seven Marine will be able to further develop its existing innovative outboard technology to satisfy a wider range of needs for its premium and exclusive customer base. This acquisition will strengthen their combined footprint in the marine market.
With a proven track record in delivering high performance gasoline outboards for the high-end leisure market, Seven Marine produces the most powerful outboard models in the world, running at 557 and 627 hp. The company is able to meet the demand for larger, outboard powered boats. Customers benefit from the ability to go farther, faster, more efficiently with leading and innovative product style and design. Seven Marine’s small block V8 engines are fitted horizontally and leverage modern, automotive quality and technology. This includes use of fresh-water cooling for enhanced durability and corrosion protection and a supercharger to produce excellent performance.
The use of automotive technology is a common aspect between Volvo Penta’s gasoline sterndrive range and Seven Marine’s outboard motors. Seven Marine’s approach to exploring new techniques and design architecture is a key driver behind Volvo Penta’s decision to become majority owner in Seven Marine.
With this acquisition, the two companies will collaborate to continue to develop Seven Marine’s leading outboard offerings, which not only leverages the strength of the company’s existing technology, but also has sustainability in mind.
Seven Marine will operate as a stand-alone entity retaining its brand, product line and organizational structure. Ron Huibers, Volvo Penta’s president of the Americas region, will be the chairman of Seven Marine and Rick Davis will remain as Seven Marine’s president and CEO.
The agreement is subject to conditions and is expected to close in the nearest future.
Seven Marine, based in Milwaukee, Wisconsin USA, was founded in 2010 by a team with many years’ specialist experience in marine technology.
AB Volvo Penta (part of Volvo Group), founded in 1935, is a leading manufacturer of internal combustion engines and power systems for marine and industrial applications worldwide. The Company produces engines for coast guard and patrol, coastal shipping, work boat and tugs, ship and offshore energy, and passenger traffic transportation. The Company is based in Gothenburg, Sweden with production sites in Cologne, Germany; Skövde, Vara, and Köping, Sweden; Lexington, Tennessee; Lyon, France; and Lingang, China. AB Volvo
