TVS Motor Company announced on Thursday that it has acquired a 75% share in the Swiss E-Mobility Group (SEMG). The acquisition underlines TVS Motor Company’s commitment to expanding in Europe through a portfolio of luxury and technology-leading brands, including the recently acquired Norton Motorcycles and EGO Movement.
SEMG is a market-leading provider of e-mobility solutions in the DACH region, with M-way, Switzerland’s largest pure-play e-bike retailer, generating close to USD 100 million in revenue. Cilo, Simpel, Allegro, and Zenith Bikes are among the company’s notable Swiss mobility brands. SEMG is able to provide a seamless and world-class consumer experience by integrating its broad physical network and e-commerce platform with two online platforms and 31 physical outlets.
“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,”Announcing the acquisition, Mr. Venu Srinivasan, Chairman, TVS Motor Company, said.
“TVS Motor is committed to being at the forefront of e-personal mobility globally. SEMG complements our acquisitions of Norton Motorcycles and EGO Movement and strengthens our commitment to environmental sustainability. We offer our customers a compelling portfolio of technologically advanced and environment friendly products,”Speaking on the occasion, Sir Ralf Speth, Chairman designate, TVS Motor Company, 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. I’d like to convey my thanks to CONSTELLATION CAPITAL and Rainer Fröhlich for this foundation which we will build on,”Mr. Sudarshan Venu, Joint Managing Director, TVS Motor Company, said.
Because of their increased ease of usage, legislative support, and overall perception as a sustainable mode of transportation, e-bikes are quickly becoming the de-facto mode of personal mobility in Europe. The market for e-bikes has enormous growth potential, with a current penetration of around 15% of the overall bicycle population in Europe and a CAGR of 18%.
“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,”said Rainer Fröhlich, Founder and Managing Partner, CONSTELLATION CAPITAL.
TVS Motor’s Singapore subsidiary, TVS Motor (Singapore) Pte Ltd, made the acquisition in an all-cash arrangement.