Navarino acquires Castor Marine

Tech consolidation continues apace with news today that Greek maritime connectivity specialist Navarino has bought Dutch rival Castor Marine.

Castor Marine will continue to operate independently within the Navarino Group following the deal. No price has been revealed for the acquisition.

“Welcoming Castor Marine into the Navarino Group allows us to deliver even greater value to our customers,” said Dimitris Tsikopoulos, CEO of Navarino. “Together, we can offer enhanced services and exceed the high standards our customers have come to expect of us.”

“Key benefits of the deal include an expanded service portfolio, enhanced global presence and accelerated innovation, driving forward the digital transformation of the maritime industry,” Navarino stated in a release.

The last two years have seen dramatic, much needed consolidation across the fragmented maritime tech space. Writing for Splash last month, Manish Singh from Aboutships predicted 2025 will see similar levels of activity.

“The pipeline for 2025 appears robust,” Singh wrote. “Several prominent maritime strategics are sitting on large reserves, which they are seeking to deploy not only on fleet revitalisations but also on acquiring services businesses.  Similarly, several prominent PEs have now spent significant shoe-leather cost in pursuing maritime processes and becoming more focused in specific consolidation opportunities in the next couple of years.”