TVS acquires Switzerland e-bike player Swiss E-Mobility Group AG
TVS Motor Company has announced the successful acquisition of a 75 per cent stake in the Swiss E-Mobility Group (SEMG). The acquisition lays testament to the TVS Motor Company's commitment to expansion in Europe through a portfolio of premium and technology leading brands, including the recently acquired Norton Motorcycles and EGO Movement.
(L to R) Sharad Mohan Mishra, President, Group Strategy, TVS Motor Company, Sudarshan Venu, Joint Managing Director, TVS Motor Company, Sir Ralf Speth, Chairman designate, TVS Motor Company, Reto Waeffler - CEO SEMG & Rainer Fröhlich, Founder & Managing Partner, CONSTELLATION CAPITAL
SEMG is a market-leading provider of e-mobility solutions within the DACH region, operating the largest pure-play e-bike retail chain M-way in Switzerland with close to USD 100M in revenue. The company boasts prestigious Swiss mobility brands in its portfolio, including the likes of Cilo, Simpel, Allegro, and Zenith bikes. SEMG combines its extensive physical network and e-commerce platform with two online platforms and 31 physical stores, and as a result, is able to deliver a seamless and world-class customer experience.
E-bikes are establishing themselves as the de-facto form of personal mobility in Europe due to the increased ease of usage, regulatory support, and overall perception as a sustainable form of transport. With a current penetration of approximately 15 per cent of the total bicycle population in Europe and growing at a CAGR of around 18 per cent, the e-bicycle market holds significant growth potential.
Commenting on the acquisition, Mr. Venu Srinivasan, Chairman, TVS Motor Company, said, "TVS Motor has always been committed to sustainability and has been investing in electric vehicles for over 10 years. The increasing global focus on the environment and personal well-being is rapidly accelerating demand for newer mobility solutions, and TVS Motor is investing to drive this change."