Volvo Penta Buys Majority Stake in Seven Marine
Volvo Penta informs it has signed an agreement to become the major owner of U.S. based outboard motor manufacturer, Seven Marine, enabling the Swedish company to extend its scope of integrated propulsion systems.
“With this acquisition, Volvo Penta is entering the outboard motor segment,” said Volvo Penta president, Björn Ingemanson. “With Seven Marine, we are on a journey to expand the scope of supply with our customers and invest in the growth of a platform to shape the future of the outboard industry.”
Volvo Penta said the deal will broaden its technology platform, while Seven Marine will be able to further develop its existing outboard technology to satisfy a wider range of needs for its customer base.
“We are combining the strength of two highly innovative companies to deliver an unbeatable engine range for the gasoline segment,” said said Ron Huibers, president of Volvo Penta of the Americas. “We will not only come to market with an extremely attractive outboard solution, but we will deliver the benefits of our world-class service network to a broader range of customers.”
Seven Marine, based in Milwaukee, Wisc., was founded in 2010 by a team with many years’ specialist experience in marine technology.
With a track record in delivering high performance gasoline outboards for the high-end leisure market, Seven Marine produces powerful outboard models running at 557 and 627 hp. Thanks to the unmatched horsepower of its outboards, the company is able to meet the demand for larger, outboard powered boats.
The company’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.
With over 110 years of experience in engine and propulsion systems, Volvo Penta offers one of the widest ranges of marine diesel and gasoline engines in the industry, has over having delivered to the marine industry such innovations as the Aquamatic Sterndrive, Volvo Penta IPS and Forward Drive.
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, the company said.
With this acquisition, the two companies will collaborate to continue to develop Seven Marine’s outboard offerings, which not only leverages the strength of the company’s existing technology, but also has sustainability in mind.
“The Seven Marine concept mirrors the successful strategy we have followed in pursuing automotive technology,” Ingemanson said. “Just as we are a leader in diesel and gasoline engine technology, Seven Marine leads its market for state-of-the-art outboards.”
He added, “We have a shared vision for the future, and this deal provides an ideal platform for us to grow and adapt together. We will move forward in leading the development of world-class performance and sustainability for the most premium of outboard motor segments.”
Seven Marine will operate as a standalone entity retaining its brand, product line and organizational structure. Huibers will be the chairman of Seven Marine and Rick Davis will remain as Seven Marine’s president and CEO.
According to Volvo Penta, this approach enable Seven Marine to benefit from the strength and stability of being part of a larger, international organization, while still maintaining its entrepreneurial spirit.
“This is a great development for us,” Davis said. “As a young company we have pushed ourselves forward to revolutionize the outboard experience in a short period of time. And in partnering with Volvo Penta, we will have a solid backing to continue improving the customer experience through the pursuit of technological and innovation advancement.”
Volvo Penta said the agreement is subject to conditions and is expected to close in the nearest future.
