Acquisition of Swiss e-bike retailer for USD 3 million to help TVS unit expand network in Switzerland
Acquisition of Swiss e-bike retailer for USD 3 million to help TVS unit expand network in Switzerland
E-bike maker Swiss E-Mobility Group (SEMG), a subsidiary of TVS Singapore, has acquired a 100% stake in Alexand’Ro Edouard’O Passion Velo Sarl (PV) for 2.79 million Swiss Francs (3 million US -dollars) acquired.
This acquisition would help Switzerland’s largest e-bike maker geographically expand its network in the western part of the country and strengthen its retail presence, TVS Motor said in a recent regulatory filing.
TVS Motor Singapore Pte Ltd. is a subsidiary of TVS Motor Co.Ltd.
PV, which owns and manages a large e-bike shop in the Canton of Neuchâtel, Switzerland, is primarily engaged in the sale of e-bikes as well as e-bike accessories for a number of premium e-bike brands such as TREK, Riese & Miller, Cannondale, Mustache and others.
PV was incorporated on March 27, 2009. It reported sales of 2.99 million Swiss francs in FY21 and 2.85 million Swiss francs in FY20.
