Promovec Holdings has strengthened its presence in the UK with the full acquisition of Batribike.
The Batribike brand was established in the UK in 2007 by the Coulson family. In 2017 in a strategic move to increase market penetration within the UK and EU they formed a new company, Batribike Limited, in partnership with Danish company Promovec Holdings, a family-owned company from Denmark which has been developing and supplying e-bikes and e-bike components since 2008.
Steve Coulson, current MD of Batribike and his wife Jackie, current admin and compliance manager, are approaching retirement age so their family company Coulson Holdings has decided that the time is right to sell its share in Batribike to Promovec, making Batribike Limited a wholly owned subsidiary of Promovec Holdings.
Coulson will step down as managing director when a new MD is appointed by Promovec, but will continue working for Batribike for as long as required to facilitate a smooth transition. The new MD’s main responsibility will be to grow the business further.
With the investment that Promovec can bring, financially and in product development expertise, Batribike, as the UK arm of Promovec Holdings, will be able to ensure the continued growth of the brand.
“We believe e-mobility is the future as more investment in infrastructure occurs there will be a shift from cars to bikes,” said a statement. “The development of the e-mobility market in the UK is a key aim in this acquisition.”
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Batribike said it aims to continue to build its dealer base and strengthen its presence in the UK to take advantage of this.
Jesper Lundqvist, Promovec Holdings CEO, said: “We are looking forward to working with our dealer network to grow the business together and to develop the future e-bike range.”