TVS Motor acquires Switzerland’s largest e-bike player 

TVS Motor Company has acquired a 75 per cent stake in Switzerland's largest e-bike player, Swiss E-Mobility Group (SEMG). TVS Motor acquired the stake at Swiss Franc (CHF) 525.78 per share. The 75 per cent stake amounts to 114,658 common equity shares of SEMG.

“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,” said Venu Srinivasan, Chairman, TVS Motor Company.

TVS says the acquisition will help its larger vision of becoming a leading player in the e-personal mobility space and providing its customers with sustainable mobility solutions, and complements its other recent acquisitions. TVS considers SEMG as a long-term partner to establish a strong presence in the e-mobility business.

The acquisition has been made in an all-cash deal through TVS Motor's Singapore subsidiary, TVS Motor (Singapore). 

The acquisition reaffirms TVS Motor Company's commitment to expansion in Europe through a portfolio of premium and technology leading brands, including Norton Motorcycles and EGO Movement, which were recently acquired, the company said in a statement.

SEMG is a market-leading provider of e-mobility solutions in the DACH region. It operates the largest pure-play e-bike retail chain M-way in Switzerland with close to $100 million in revenue. The company has two online platforms and 31 physical stores, along with Swiss mobility brands portfolio, including Cilo, Simpel, Allegro, and Zenith bikes.

In 2020, SEMG generated a turnover of Swiss Franc (CHF) 69.87 million.

With a current penetration of approximately 15 per cent of the total bicycle population in Europe and growing at a CAGR of 18 per cent, the market for the e-bicycle holds significant growth potential.

"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," said Rainer Fröhlich, Founder and Managing Partner, Constellation Capital.