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TVS Motor Company has acquired a majority interest in Ebco Ltd, which owns the Ebco brand and distributes German brand Corratec (IKO Europe GmbH).
For two and three-wheeler manufacturer TVS Motor, acquiring Ebco is the latest phase of its initiative to establish a solid European footprint in the e-bike market.
Sharad Mohan Mishra, president and head of e-bikes at TVS Motor, said: “We are excited to participate and contribute to the fast-growing UK market through this investment. Ebco and its strategic partners Corratec bring a strong and innovative pipeline catered to the market, backed by an established supply chain. Together with TVS Motor – we believe we have a strong proposition for the market.”
Ebco’s founders Paul and Rick Stanforth, veterans in the industry who have been involved in the bicycle market for over three decades and the e-bike market for more than two decades, will continue to support the Ebco business.
Paul Stanforth said: “We have found a dynamic partner for Ebco to expand our offerings in the e-bike market. This will create significant opportunities for us in quality assurance and streamline our supply chain and allow us to collaborate with other e-bike companies in the TVS Motor portfolio.
“This is the right timing as well: the UK market is maturing very fast and with ~70% growth from 2019 to 2020 with a value of £280 million in sales. E-bikes have a 12% market share with the bulk going to traditional bicycles today- as per the UK based Market Research firm, Mintel Group.
“We expect electrification to materially take off in the years going ahead, as it did in the other mature markets such as Netherlands and Germany.”
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Corratec will continue to be partner and retain its shareholding in Ebco. Owners Cielo and Konrad Irlbacher said: “We will be deepening our cooperation with Ebco, especially by leveraging our newly operational 50,000 sq.mt. Romanian factory which has a production capacity of 300,000 e-bikes per year.
“This will allow Ebco to distribute our comprehensive Corratec e-bike range and the planned relaunch of Ebco product range in the future.”
