TVS Motor Company has acquired a 75% stake in the Swiss E-Mobility Group (SEMG).
The acquisition reaffirms TVS Motor Company’s commitment to expansion in Europe, the company said, through a portfolio of premium and technology leading brands, including Norton Motorcycles and EGO Movement.
SEMG’s portfolio of Swiss mobility brands includes Cilo, Simpel, Allegro, and Zenith – Bikes. By combining its physical network and e-commerce platform with two online platforms and 31 physical stores, SEMG is able to deliver a ‘seamless and world-class customer experience’.
“TVS Motor has always been committed to sustainability and has been investing in electric vehicles for over 10 years,” said TVS Motor Company chairman Venu Srinivasan. “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.”
Sir Ralf Speth, chairman designate, 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 environmentally friendly products.”
Sudarshan Venu, joint managing director, TVS Motor Company, added: “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.”
Rainer Fröhlich, founder and managing partner, 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.”
Read more: Specialized to begin selling direct to consumers in US
The acquisition was made in an all-cash deal through TVS Motor’s Singapore Subsidiary, TVS Motor (Singapore) Pte Ltd.