Garmin Ltd. (NYSE: GRMN), a Swiss-based technology company known for its wearable fitness devices and GPS navigation and alert systems for the automotive, marine and outdoor markets, has announced that it has entered into a definitive agreement to acquire JL Audio, a privately held U.S. company that designs and manufactures audio solutions for marine, aftermarket automotive, powersports, home audio and RV customers.
According to Cliff Pemble, president and CEO at Garmin, the company cites an opportunity to provide “premium audio features” across a broad range of Garmin’s markets and products using JL Audio’s “extensive audio experience” within the market.
With over four decades of audio product development and manufacturing experience, JL Audio offers a broad range of audio products and accessories, including speakers, amplifiers, subwoofers and other audio components. JL Audio is headquartered in Miramar, Fla., and employs more than 600 people.
While Garmin does currently manufacture and sell headsets and radios for trucker and marine applications, the company does not have much of a history regarding audio devices.
Given JL Audio’s extensive history within the car audio space, combined with Garmin’s own track record for providing GPS and satellite equipment for a variety of vehicles and activities, many have begun to speculate that Garmin could be attempting to expand its offerings for RVs and off-road vehicles in an attempt to expand further into its burgeoning outdoors market.
In a statement regarding the acquisition JL Audio founder and CEO Lucio Proni seemed to point towards this idea, citing Garmin’s vision to deliver “unique technology solutions” as being one of the reasons he and the team at JL Audio are excited to have the chance to integrate into the Garmin ecosystem.
Garmin emphasizes that all existing JL Audio products will continue to be supported once the acquisition is completed, and customers can expect to continue receiving the same level of customer service that was offered by the previous ownership. Financial terms of the acquisition will not be disclosed.
According to Garmin, the completion of this acquisition is expected to occur by the end of 2023 and is subject to customary regulatory approvals and closing conditions.
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