ROSÀ, Italy - Italian bicycle parts and accessories manufacturer Ursus S.p.A. has acquired a majority stake in component manufacturer Saccon S.r.l. The transaction includes Sacconplast, the in-house division for high-quality "Made-in-Italy" plastic components. No details have been provided on the size of the majority stake acquired and the purchase price.
BRUSSELS, Belgium - The CONEBI and CIE merger has reached two important milestones this week, with the announcement of a new name and the election of the new board and president. The Confederation of the European Bicycle Industry (CONEBI) and Cycling Industries Europe (CIE) will be renamed as European Cycling Industries, as decided last weekend during an extraordinary general meeting. This announcement marks the start of the new organisation representing the bicycle industry in Europe.
WELS, Austria - The future of the last bicycle brand of Pierer Mobility has finally been clarified: the Austrians have sold their sports brand, Felt Bicycles, to its minority shareholders, Cesar Rojo and Florian Burguet. Pierer Mobility, which will soon be renamed Bajaj Mobility AG, is finally ending its unsuccessful involvement in the bicycle and e-bike sector.
FOSHAN, China - Shihe Electric is the new owner of Ttium Motor Technology, better known in the market as Motinova. Foshan-based Shihe Electric acquired 55% of the shares, effective October 17, as reported by Ttium Motor Technology in a letter to its customers and industry partners.
TACHERTING, Germany - The owner of parts and component brand Syntace and bicycle brand Liteville has filed for insolvency. Syntace GmbH is already working on a restructuring and states that ongoing business operations are fully guaranteed. All orders and inquiries via the online shops will be processed as usual, as well as deliveries to IBDs and the Liteville products spare parts supply chain.
HASTINGS, United Kingdom - British bike brand Whyte Bikes Ltd. has changed private equity hands, from current owner Cairngorm Capital to Causeway Capital. The acquisition sees 100% ownership of Whyte transferred to Dublin-based Causeway Capital. The brand sees the move as a major step toward developing international growth.
