Garmin Ltd. acquires MYLAPS

Name of the deal: Garmin Ltd. acquires MYLAPS
Date announced: Date announced: 29th 2025  Date closed: 15th July, 2025
Date closed: Date announced: 29th 2025  Date closed: 15th July, 2025
Published value: Undisclosed, but well within defined mid-cap range
Buyer(s): Garmin Ltd.
Target(s): MYLAPS
Seller: Nordian Fund III B.V., Mylaps management

Involved firms and advisors
Involved firms and advisors buy side:
Garmin was advised by both JonesDay (Legal) and KPMG (Financial and Tax). Several other advisors such as RolandBerger were active in the process for other PE-bidders.

Involved firms and advisors target:
Lincoln International (general transaction process), EY (Financial and Tax), NautaDutilh (Legal, notary) and Ommax (Commercial)

Involved firms and advisors sell side:
Lincoln International (general transaction process), EY (Financial and Tax), NautaDutilh (Legal, notary) and Ommax (Commercial)

Pitch

Brief description deal / Deal outline
Garmin Ltd. (NYSE: GRMN) has acquired MYLAPS, a leading Dutch provider of integrated timing, live tracking and performance analysis tools that helps create the ultimate sports experience for millions of athletes and spectators. Through its global operations, MYLAPS supports elite athletes, brands and organizations such as IronMan, Boston Marathon, the Olympics, NASCAR, IndyCar and MotoGP.

The transaction was a competitive process, ran by Lincoln International, in which both Dutch and international PE, as well as global strategics were involved. Advisors in the process include a.o. NautaDutilh, Jones Day, KPMG, EY, and Ommax.

Why should this deal win the Award for Best Deal Mid-Cap 2025?
About Garmin
A U.S.-headquartered multinational specializing in GPS navigation, fitness wearables, and smart devices for the aviation, marine, automotive, and outdoor markets. Listed on the NASDAQ, Garmin generated about US $6.3 billion in revenue in 2024 and US $1.4 billion in net profit, with strong profitability (≈59 % gross margin, 25 % operating margin). The company continues to grow around 20 % year-on-year, driven by demand in fitness and outdoor segments, and maintains a robust balance sheet with nearly US $4 billion in cash and securities.

About MYLAPS
Founded in 1982 and headquartered in Haarlem, the Netherlands, is a global leader in sports timing and event data technology. It provides systems that record, process, and distribute performance data for millions of athletes and racers annually, serving events such as marathons, cycling, and motorsports worldwide. The company employs about 200 people and operates in over 100 countries through partnerships with event organizers and sports federations.

The acquisition of MYLAPS by Garmin Ltd. is a perfect example of a truly Dutch technology company that has succeeded in building a position as the undisputed global market leader within its niche in the sports market (timing and race management), and that has ultimately been acquired by the worldwide leader in sports technology (Garmin Ltd.). This transaction symbolizes the international relevance of Dutch innovation and technology, making it a great candidate for the Best Mid Cap Deal 2025.

MYLAPS (https://mylaps.com/nl/), headquartered in Haarlem, the Netherlands, is a technology company that offers solutions for the market of sports timing (i.e., time registration hardware and software), tracking (i.e., positioning of racing cars on a circuit), and race management solutions (i.e., timing, tracking, race lighting solutions, and safety solutions). The company is the global leader in its field, serving elite events such as such as IronMan, Boston Marathon, the Olympics, NASCAR, IndyCar and MotoGP.

Each year, its technology ensures accurate timing and reliable data for tens of millions of athletes worldwide – not only supporting professional champions but also empowering amateur participants to experience their own moment of victory. This unique global reach, combined with strong brand recognition among event organizers and athletes alike, made MYLAPS a hot asset in the sports technology sector in 2025.

The sale process has been highly visible in the Dutch and European markets. Various leading Dutch private equity firms participated, alongside international (US and EU) funds, as well as several global strategic buyers. For much of the process, it was assumed by the market that the company would be acquired by private equity. However, that changed in the final stage of the process when Garmin, one of the world’s most recognized sports technology companies, took pole position in the process. This outcome highlighted both the intensity of the process and the strategic importance Garmin attributed to the acquisition.

The transaction was managed very efficiently by Lincoln International. Multiple parties conducted due diligence in parallel, supported by both Dutch and international advisors. While the process was primarily tailored to private equity investors—with strict deadlines and intense competition until the end—it was impressive to see Garmin, as a strategic buyer, demonstrate the flexibility needed to ultimately prevail. The deal closed approximately three to four months after the information memorandum had been distributed to the group of interested parties. In our view, the execution of this transaction serves as a textbook example of how to balance competition, speed, and deal certainty.

Beyond financial metrics, the success of a deal often hinges on cultural alignment and stakeholder buy-in. For MYLAPS’ management team, employees, and works council, Garmin represented the ideal acquirer. Garmin is not just a global technology leader; it is a company run by sports enthusiasts and engineers. This mirrors MYLAPS’ own DNA, which is characterized by a workforce filled with former professional athletes and passionate sportspeople united by a passion for sports and technology. The acquisition thus provided not only a stable long-term home but also a highly motivating environment in which both companies’ values and cultures could reinforce one another.

Although Garmin has not disclosed its full strategy behind the acquisition, there are several synergies that should be noted. MYLAPS offers Garmin unique access to top-tier sporting events and a direct link to tens of millions of athletes each year. The idea of integrating MYLAPS’ timing and tracking capabilities into Garmin’s portfolio of wearables and devices could be compelling, enhancing both the athlete and spectator experience. This combination has the potential to redefine how sports are measured, tracked, and enjoyed, further cementing Garmin’s position as a global leader in sports technology.

The Garmin–MYLAPS acquisition ticks in our eyes all the boxes of a great mid-cap deal: a global leader in a specialized niche, acquired through a flawlessly executed and highly competitive process, by a strategic buyer who we are all familiar with, whose culture and vision are in perfect harmony with the target. The deal secures long-term value for shareholders, provides a stable and inspiring future for employees, and enhances the experience of millions of athletes worldwide – we might all even notice the technology integration ourselves whenever we enter a running event in the coming years.

What is the impact of this deal for the company?
MYLAPS is expected to continue its growth path in active, motorized and equine sports. In addition, both companies will continue to develop top tier sports technology products, further improving the sports experience of running, swimming, cycling and other sports events.

As mentioned, from a cultural and technology perspective, Garmin was the ideal buyer. A stable long-term home run by people (even at the executive level) who are engineers at heart and deeply passionate about sports. All people currently with MYLAPS are expected to stay.

On a financial level, the entire organization (not just the MT) shared in the success, funded by selling shareholders. We are firm believers that successful transactions should be shared with all who were involved, not just the investors and the MT, and we see that other international investors are also following this trend.

What is the impact of this deal for the direct stakeholders?
This transaction has a meaningful impact on all direct stakeholders. For Garmin, it strengthens its position in the sports technology ecosystem by adding MYLAPS’ event timing and data technology, expanding its reach beyond individual consumers into large-scale sporting events. For MYLAPS, joining Garmin provides access to global resources, broader distribution, and increased investment capacity to accelerate innovation and international growth. Employees and management benefit from greater career opportunities and the backing of a strategic owner aligned with their vision for technology-driven sports performance. Customers and partners gain from a more integrated ecosystem combining Garmin’s devices with MYLAPS’ event solutions. The deal creates technological and operational synergies while maintaining MYLAPS’ focus on precision and performance. Overall, it represents a strong strategic fit that reinforces both companies’ leadership in connected sports technology.

What is the impact of this deal on society?
As mentioned above, MYLAPS directly impacts the sports experience of tens of millions of athletes each year. By joining forces with Garmin and combining their technological expertise, the timing and tracking capabilities within Garmin’s portfolio of wearables will be enhanced, further enriching the experience of both athletes and spectators. We might all even notice the improvements in a few years as athletes ourselves.

What was most complex about this deal?
One of the most complex elements about this deal was being able to get a company like Garmin to move so fast in a competitive process. And that all during a period of political uncertainty; Trump’s “Liberation Day” occurred the middle of the process, import tariffs were imposed, and the USD/EUR exchange rate was volatile.