Inflexion has signed a definitive agreement to acquire enviolo.
Headquartered in the Netherlands and with additional operations in Austin, Texas, enviolo designs and develops transmission systems for high-quality e-bikes mainly for the European and North American markets. The company’s proprietary technology enables cyclists to intuitively adjust the gear ratio.
Inflexion is a mid-market private equity firm that invests in high growth, entrepreneurial businesses with ambitious management teams and works in partnership with them to accelerate growth. Its flexible approach allows it to back both majority and minority investments, it said, typically investing €100 million to €350 million of equity in European deals.
“The enviolo team has created an innovative product offering which makes cycling more appealing and comfortable to the growing number of cyclists turning to it as a social, healthy activity and an environmentally friendly method of transportation in cities around the world,” said Simon Turner, managing partner at Inflexion.
“The team is incredibly driven and we look forward to working with them to grow their excellent business further both in the local Dutch market and internationally.”
David Hancock, CEO of enviolo, added: “We are proud and excited about our opportunity to work with bike makers to develop great bikes together which can change riders’ lifestyles and ease congestion in urban areas.
“Our new partnership with Inflexion will help us grow faster as their proximity to our Amsterdam office and presence in the US, China and India are well placed to support our plans. We are greatly looking forward to this exciting new partnership.”
The transaction is subject to customary regulatory clearances and is expected to close by 31st March. Latham & Watkins LLP and NautaDutilh served as legal advisors to Inflexion and Stepstone Corporate Finance served as financial advisor to Inflexion. Ropes & Gray LLP served as legal advisor to enviolo and Lazard B.V. and Lazard Middle Market LLC served as financial advisor to enviolo.
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Last month, enviolo announced it had moved offices in Amsterdam to prepare for the future growth of the company.