Thursday, 25 April 2024
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Speed pedelec biz Stromer bought by French investment group

A French private equity group has agreed to acquire high-end e-Bike label Stromer, a specialist in speed pedelecs, for an undisclosed sum. The deal is subject to scrutiny by regulators.

Nexicap Partners, a subsidiary of Netixis Investment Managers, is the new owner of the business, which began producing electric bikes in 2009, very often turning heads at international trade fairs with concept bikes that dared to be a little different at times.

Jakob Luksch, CEO of Stromer, says: “Over the last three years, we have created the infrastructure to rapidly and consistently scale our business model. In Nexicap Partners we have found a partner who not only shares our passion for premium products, but will also add significant value with their network and expertise in our core market Europe.“

Stromer currently sells its Swiss-made speed pedelecs into various European markets, as well as the United States. The market for its bikes is arguably restrained by legislation, with most territories it sells into currently placing the electric bikes in the same vehicle category as mopeds, among other motorised light electric vehicles. This, argues LEVA-EU, has been holding back a potentially un-tapped new mobility marketplace from flourishing.

Seemingly that has not deterred Nexicap’s investment team who will be well-aware of noise in Europe to unlock new mobility forms in the face of climate and congestion challenges. The Machinery Directive legislation, the European Commission has conceded, is due a review.

Stromer likewise has pushed on, racking up a 140 employee business, said to have 90,000 customers. 50,000 of those customer’s speed pedelecs are registered on the firm’s OMNI app, which doubles as a digital vehicle key.

Peter Pergovacz, Managing Partner of Naxicap Partners in Germany, says: “I am impressed by the technology as with the achievements Jakob Luksch and his team have reached over the past years. As a European investor with a clear focus on growth, we look forward to working together to further develop the Stromer brand and to continue its recent successful path. Our goal is to set the course for further strong growth in existing markets while also facilitating the expansion into additional markets. We particularly look forward to supporting Stromer in launching new innovative premium products.That said, the company’s core values of Swissness, enthusiasm and partnership will always be the main focus. The acquisition is a prime example of our investment approach, which is dedicated to long-term value creation and sustainable growth.”

The deal was conducted through Nexicap’s Frankfurt offices.