Hero Cycles, world’s largest bicycle manufacturer by volume, has acquired Firefox Bikes, India’s largest premium bicycle brand, as part of its strategy to further cement its position in the fast-growing premium cycling segment in India. As part of the deal, both companies have mutually agreed that Firefox Bikes will continue to have its distinct brand identity and remain a separate business entity post the acquisition.
The promoters have divested their entire equity stake in Firefox Bikes Private Limited in an all-cash transaction to Hero Cycles. The deal includes Firefox brand of cycles, accessories and spares along with exclusive distribution rights of ‘Trek’ and other global brands.
The acquisition will not just aim at consolidating Hero’s fledging market share, but is also aimed at expanding the horizons for Firefox Bikes. The acquisition will see transfer of key technology, and rich global experience garnered by Hero Cycles over the last 60 years to Firefox Bikes which is often credited for creating the premium range in the Indian cycling market. Firefox, which has an established presence pan-India through a network of 160 outlets, has been growing at a 3-year CAGR of 35pc in revenue.
The financial transaction from Hero Cycles was led by company’s Chief Finance Officer Rohit Maheshwari. BMR Advisors and BMR Legal acted as the transaction partners and legal advisors respectively for Hero Cycles for this deal. While, consulting firm Deloitte represented Firefox Bikes as their transaction partners.
Source: Hero Cycles
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