Raymarine, a supplier of electronic products to the leisure marine market, is to acquire H.E. Eissing, the sole distributor of Raymarine products in Germany.

Raymarine, a supplier of electronic products to the leisure marine market, is to acquire H.E. Eissing, the sole distributor of Raymarine products in Germany.

The deal is for up to €3.5 million (£2.4 million) in cash, using Raymarine’s existing facilities. The acquisition will be the firm’s second in four months.

The acquisition is expected to be earnings enhancing before restructuring costs in the first full year of ownership. Last year Eissing reported a turnover of €10.9 million (£7.4 million).

In addition to Raymarine products, Eissing distributes a small number of products manufactured by third party suppliers, and will continue to do so following the acquisition. It focuses on GPS navigational equipment for use on land and sea.

Eissing is a family-owned business founded in 1956 and currently owned by MD Thomas Eissing, who will remain as joint MD for a period following the acquisition. Eissing employs 44 staff across its sales, distribution and servicing operations, and its head office and warehouse are located in Emden, Lower Saxony. It also has two small sales and servicing facilities in Hamburg and Bernau, near Munich.

Commenting on the acquisition, Raymarine’s chief executive, Malcolm Miller, said: “I am very pleased that we have reached agreement to acquire Eissing, a business which we know has a detailed knowledge, strong trading relationships and a leading market share in one of Raymarine’s key markets.”