TVS Motor Company has acquired a 75% stake in Swiss E-Mobility Group (SEMG)—a Switzerland-based company that operates e-bike brands such as Zenith, Simpel, Allegro and Cilo. SEMG also operates m-way e-bike retail chain in Switzerland with close to US$ 100 million in revenue. The official statement also said that the acquisition has been made in an all-cash deal through TVS Motor’s Singapore subsidiary, TVS Motor (Singapore) Pte Ltd.
“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,” said Venu Srinivasan, Chairman, TVS Motor Company.
“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,” added Sir Ralf Speth, Chairman designate, TVS Motor Company.
E-bikes are establishing themselves as a de-facto form of personal mobility in Europe due to the increased ease of usage, regulatory support, and overall perception as a sustainable form of transport. With a current penetration of approximately 15% of the total bicycle population in Europe and growing at a CAGR of ~18%, the market for the e-bicycle holds significant growth potential.
“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,” said Sudarshan Venu, Joint Managing Director, TVS Motor Company.