Mifa or Mitteldeusche Fahrradwerk AG is acquiring the main assets of Munich-based manufacturer Steppenwolf in the form of an asset deal via its newly founded subsidiary, Steppenwolf Bavaria GmbH. The brand rights and customer relationships of Steppenwolf as well as the sales, marketing and field service divisions will be taken over.

On July 26, 2012, Steppenwolf filed for insolvency and insolvency proceedings were opened on August 21, 2012. The parties have agreed not to disclose the purchase price of the transaction. The funds come from the capital increase that Mifa carried out in July 2012. Peter Wicht, CEO of MIFA, comments on the acquisition as follows: "We expect positive momentum from Steppenwolf as early as the 2013 bicycle season."

With the acquisition of Steppenwolf, Mifa is continuing the growth strategy that it presented as part of the capital increase. Wicht holds out the prospect of further growth through the acquisition of attractive brands.

In March 2012, Mifa had already acquired a majority stake in the Berlin-based e-bike manufacturer Grace, an e-bike specialist that produces the Smart e-bike, among other things. Mifa also announced its intention to install synergy effects and a transfer of know-how between the Grace and Steppenwolf brands.

Mifa Mitteldeutsche Fahrradwerke AG, based in Sangerhausen, claims to be the best-selling German bicycle manufacturer. The company produces bicycles from supplied components, with a focus on project-related contract manufacturing for large retail chains. E-bikes have also been manufactured since the 2011 financial year.

Outside Germany, Mifa sells its bicycles primarily in Western Europe; both the operational business and administration and logistics are managed at the sole production site in Sangerhausen. In the 2011 financial year, Mifa sold around 644,000 bicycles (previous year: around 593,000). It achieved a turnover of 100.5 million euros, an increase of 31.4% compared to 2010 (76.5 million euros).

www.mifa.de
www.steppenwolf-bikes.com