Foraying into the high-value cycle market in Europe, world’s major cycle manufacturer Hero Cycles on Wednesday announced that it had acquired a majority of stake in UK-based cycle distributor, Avocet Sports Ltd.
“This acquisition marks our entry into the European market and plays an important role in realising our ambition of becoming one of its key players,” Pankaj Munjal, chairman and MD, Hero Cycles, said.
Hero Cycles, world’s largest cycle manufacturer by volume, is the leader in both the standard and specialist bicycle segments in India, with an overall market share of about 35 per cent. The company is equipped with state-of-the-art infrastructure and the most modern machinery.
“We are hopeful that our respective teams will have the opportunity to work together and use our respective strengths to manufacture and distribute world-class products to customers in UK and continental Europe,” Munjal added.
Avocet is one of the top three distributors of bicycles, e-bikes, bicycle parts and accessories in UK. The company has existing retail relationships with leading retailers such as Tesco, Halfords, ASDA, Shop Direct, Amazon, among others.
“I am very excited to become a part of the world’s largest bicycle company, Hero Cycles. We are proud to become the first acquisition for Hero outside India,” Steven Walsh, chairman of Avocet commented on the acquisition.
“I am looking forward to working with the Hero team to develop the UK & European markets together,” Walsh added.