Founder Buys Majority Stake in navAero

The founder and principle owner of electronic flight bag (EFB) provider navAero bought back the majority stake of the company, a move he said will secure its future in the market. NavAero founder and principal owner, Stefan Ridderheim, now owns 81 percent of the company and has secured financing of more than $4 million, according to a release by the company. "The change in ownership was an absolute necessity to guarantee navAero’s long-term future," he said. "We need to be in control of our own destiny – and not subject to the changing views of investors that are often influenced by outside factors. In the right conditions, it makes sense to share the financial risks by involving investors/shareholders. And over the past months, we explored bringing new owners into the company. But in today’s economic environment, we found no good options that fit with our strategic plans. It became apparent that the only way to have truly committed financial resources was to take the aggressive step and secure the future for ourselves…which is exactly what I have done." Lars Eriksson was named president of navAero. Ridderheim is chairman and CEO.