Hero Cycles on Wednesday picked up majority stake in UK-based Avocet Sports, its first overseas acquisition, to mark entry into high-end bicycle market in Europe for an undisclosed sum. The company did not disclose the details of the transaction.
“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,” Hero Cycles Chairman and MD Pankaj Munjal said. He further said: “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 the UK and continental Europe.”
Manchester-based Avocet is among top three players in bicycles, e-bikes, bicycle parts and accessories in the UK. It has relationships with leading retailers, including Tesco, Halfords, ASDA, Shop Direct and Amazon, Hero Cycles said.