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
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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