The corresponding purchase offer was accepted by Biketec's majority shareholder EGS Beteiligungen AG (Zurich) on July 25, 2017. The takeover by ZEG is subject to the approval of the competition authorities. The parties have agreed not to disclose the purchase price.

Under the leadership of EGS Beteiligungen AG, the e-bike pioneer Biketec from Huttwil in Switzerland has developed into a modern, internationally active company with professional structures in recent years, according to a press release. The entire product portfolio has been revised and consistently aligned to the three market segments "Tour", "Urban" and "Mountain" under the brand name Flyer. To strengthen its market presence, Biketec acquired exclusive wholesalers a few years ago and expanded them into its own sales companies, in Holland for the Benelux countries and in Austria.

Biketec's membership of ZEG will directly expand its distribution network, as the cooperative has 670 dealers in Germany alone. ZEG also has a strong market presence in the Benelux countries, France, Poland and Austria. Biketec will also be able to benefit from ZEG's purchasing power. With a group turnover of 1.2 billion euros (2016 financial year) and a comprehensive range of accessories, ZEG achieves significantly better purchasing conditions than Biketec with an annual turnover of 50,000 to 60,000 bikes.

"We are delighted to have found a strategic partner in ZEG that is a perfect fit and will further develop the company in the attractive e-bike market," comments Franz Studer, Chairman of the Board of Directors of Biketec AG. "At the same time, ZEG as the new owner ensures that Flyer e-bikes will continue to be sold via specialist retail channels in the future."

With around 1000 member companies in Europe - including 670 members in Germany - ZEG is a full-range supplier of bicycles, spare parts and accessories. Since 1985, the cooperative, founded in 1966, has increasingly invested in its own brands, namely "Pegasus", "Bulls", "Zemo" and "Apura", which are sold exclusively through ZEG specialist retailers. With the purchase of the traditional Wanderer brand in 2013, ZEG began to develop brands for the entire specialist bicycle trade. This strategy was consistently pursued with the purchase of the Hercules brand in 2014 and the Kettler brand in 2016.

"We are delighted to be able to further develop the Swiss e-bike pioneer with the premium brand "Flyer" as an independent company within our Group," comments Georg Honkomp, CEO of ZEG. "With the Huttwil-based company under a competent management team, our Group is not only gaining a flagship in the fast-growing e-bike segment, but also a further platform for developing ZEG's activities in the Swiss market."

The management team at Biketec also welcomes the takeover by ZEG. "With the professional and financial support of our previous owner EGS Beteiligungen AG, we have been able to develop significantly and position ourselves in the e-bike market," says Andreas Kessler, CEO of Biketec. "As the new strategic owner, ZEG will give us advantages in terms of both market access and purchasing that were unattainable in the previous constellation." The fact that the entire management team has decided to remain committed to Biketec's fortunes within the new owner's group speaks for continuity in a very positive development.

About the company:

Biketec AG was founded in 2001; it develops and produces premium e-bikes of the Flyer brand. Around 200 employees work at the modern main site in the Swiss Mittelland, which is designed exclusively for electric bikes. A further 50 employees work in subsidiaries in Germany, Austria and the Netherlands. The plant in Huttwil is an attraction in itself: it is visited by around 15,000 people every year. According to the press release, Flyer is the market leader in Switzerland, with an export share of well over 75%, the main markets being Germany and the Netherlands.

www.flyer-bikes.com
www.zeg.de