eBike brand and distributor EBCO bought by TVS Motor Company

TVS Motor Company, a reputed manufacturer of two and three wheel products globally has acquired a majority interest in EBCO Ltd., which owns the EBCO brand and distributes the respected high-end German Brand Corratec (IKO Europe GmbH).

For TVS Motor, one of India’s leading mobility companies that recently invested in two European e-bike companies (including Switzerland’s largest player in the sector), acquiring EBCO is the latest phase of their initiative to establish a solid European footprint in the eBike market.

Speaking on this occasion, Mr. 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 & Rick Stanforth, veterans in the industry who have been involved in the bicycle market for over three decades and the eBike market for more than two decades, will continue to support the EBCO business. Previously the Stanforths founded Saracen Bikes at the dawn of the mountain bike boom, a label they later sold to UK distributor Madison.

Mr. 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 sale. 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.”

Corratec will continue to be partners to EBCO and retain their shareholding in EBCO and see the acquisition as a strong positive move that will strengthen EBCO`s position in the growing UK e-bike market.

Speaking on the occasion, the couple and owners of Corratec, 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-bike 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.”