A Danish firm has accomplished the complete acquisition of a Lincoln-headquartered bike brand.
The Batribike brand was established by the Coulson household in 2007. A New firm – Batribike Ltd – was fashioned in partnership with Promovec Holdings, a Danish group which has been creating and supplying e-bikes and e-bike elements since 2008.
As the present managing director Steve Coulson seems to be forward to his retirement, Coulson Holdings’ share of Batribike has now been bought to Promovec.
A brand new managing director might be appointed by Promovec, and Coulson will step down however proceed working to facilitate a clean transition.
A press release from the corporate stated: “In its 15-year historical past Batribike has not stood nonetheless. Being among the many first to embrace lithium know-how. Pushing to make sure everybody complied with security requirements, not simply in design however in transportation too. Being a part of trade our bodies when no-one thought that electric bikes can be the brand new transport selection.
“This new step is a part of shifting forward too, with the funding that Promovec can carry, not solely financially but additionally when it comes to product improvement experience. Batribike, because the UK arm of Promovec Holdings, will be capable to make sure the continued development of the brand.
“There are exciting times ahead as Batribike aims to continue to build its dealer base. With the Promovec expertise in design and components it will also further develop its future e-bike range.”
Advisers who labored on the transaction weren’t disclosed.