Navman resale could fetch up to $750m

The potential resale of Navman for three-quarters of a billion dollars hasn't got founder Peter Maire wondering if he sold cheap - he's celebrating.

"A lot of people will say to me, 'You sold too soon, look how much money they [Brunswick] will get'," Maire said.

"I don't even think about that, I celebrate the fact that they will make a hell of a lot more money than we made."

Maire sold his company to US marine and leisure products giant Brunswick in 2004 for $108 million.

Now Brunswick is selling its New Technologies business unit, which includes Navman, and analysts estimate a price tag range from US$300 million to more than US$500 million ($468 million to $780 million).

Navman generates most of Brunswick New Technologies' revenue.

Maire ended his official connection with Navman when he stepped down as chairman before Christmas, but he still has many friends at the company.

"It's of great personal interest to me what happens to it," he said. "I didn't sell it and cut the tie and just walk away."

This valuation did not come as a surprise to Maire because the company's performance had kept to business plans he helped draw up. The sale also was not surprising.

Brunswick chief executive Dustan McCoy has said Navman no longer fitted the company's long-term strategy.

"I would have done exactly the same thing in his shoes," Maire said.

"I think he's probably made the right decision."

As demand for car navigation and fleet tracking technology took off the synergy with Brunswick's core marine business diminished. But it would be wrong to say the company had cut and run.

"It's taken an enormous amount of additional capital and energy to drive it from $120 million-odd in sales when we finally got the last cheque to $400 and something [million] this year."

New Zealand needed companies like Brunswick, Maire said.

"When these big companies come in [and] put their balls on the line and invest as they have done, we praise them for it and we hope they keep coming back and doing it."

Maire was sure an "equally exciting" owner would be found, but he had no thoughts on the company coming back into New Zealand ownership.

"What's probably more important for a company like Navman ... you need shareholders with a very strong reputation globally to let you do the deals you need to do and our vision for the company, remember, was to go to a billion and beyond," Maire said.

"It's very difficult to do, just as a Kiwi-listed company. I'm not saying you can't, but just show me any New Zealand company that's up to $500 million and how many years it took to get there."