TVS Motor acquires 75% stake in e-bike player Swiss E-Mobility for Rs 486cr
TVS Motor Company has acquired a 75% stake in Switzerland-based pure-play electric bike (e-bike) player Swiss E-Mobility Group (SEMG) for CHF60.28 million (INR 486 crores) to increase its footprint in Europe.
The all-cash deal has come close on the heels of TVS Motor’s acquisition of technology companies Norton Motorcycles and EGO Movement in the region.
Swiss E-Mobility Group, an e-mobility solutions provider within the DACH region, is said to have a widespread physical network and e-commerce platform with two online platforms and 31 physical outlets.
The company operates its e-bike retail chain M-way in Switzerland. Its e-bike portfolio includes Cilo, Simpel, Allegro, and Zenith. It was incepted in 2018 as a part of the Constellation V fund, and advised by Constellation Capital.
Sudarshan Venu — TVS Motor Company joint managing director said: “This acquisition furthers TVS Motor’s commitment towards e-personal mobility products. We are strengthening our presence in the rapidly growing e-bikes segment.
“SEMG has strong omnichannel distribution and aspirational brands, including Cilo, Simpel, and Zenith – Bikes. I’m excited to enhance the product range further and scale the company in the DACH region and beyond.”
Swiss E-Mobility Group is also said to be the key distributor of major e-bikes such as Cube, Haibike, Canondale, Kalkhoff, Focus, Stromer, Moustache, and KTM.
Rainer Fröhlich — founder and managing partner of Constellation Capital said: “In TVS Motor, we have found the ideal and an exceptionally dynamic partner for SEMG to reinforce and expand the Group’s position as a market leader.
“The strategy of having a global leader like TVS as a majority shareholder not only offers untapped potential in quality assurance and procurement in the global supply chain but also lays the foundation for future expansion of the group beyond national borders.”