TVS Motor Company announced the successful acquisition of 75 per cent stake in Swiss E-Mobility Group (SEMG). The acquisition reaffirms TVS Motor Company’s commitment to expand in Europe through a portfolio of premium and technology leading brands including Norton Motorcycles and EGO Movement, which were recently acquired.
SEMG is a market-leading provider of e-mobility solutions within the DACH region, operating M-way, the largest pure-play e-bike retail chain in Switzerland, with revenues of approximately USD 100M. The company has a reputed Swiss mobility brand portfolio which includes Cilo, Simpel, Allegro, and Zenith – Bikes. By combining its extensive physical network and e-commerce platform with two online platforms and 31 physical stores, SEMG has been able to deliver a seamless and world-class customer experience.
Announcing the acquisition, Venu Srinivasan, President, TVS Motor Company said, “TVS Motor has always been committed to sustainability and has been investing in electric vehicles for over 10 years. A growing global focus on environment and personal wellness is rapidly driving demand for new mobility solutions and TVS Motor is investing to drive this change.