New Delhi, Aug 12 (IANS) Hero Cycles announced on Wednesday that it has entered the European market by acquiring a majority stake in Britain-based cycle distributor Avocet Sports Ltd.
“This acquisition marks our entry into the european market and plays an important role in realising our ambition of becoming one of its key players,” said Hero Cycles chairman and MD Pankaj Munjal in a statement here.
However, the percentage and value of the majority acquisition were not revealed.
Avocet is a top distributor of bicycles, e-bikes, bicycles parts and accessories in Britain with retail relationships with Tesco, Halfords, ASDA, Shop Direct, Amazon and others, the statement added.
Manchester-based Avocet offers hybrid, folding, road, children’s bikes, e-bikes, mountain bikes, BMX and roadster. Its brands include Viking, Coyote, Rooster, Ryedale, Lectro, Concept and Riddick.
“I am very excited to become a part of the world’s largest bicycles company – Hero Cycles. We are proud to become the first acquisition for Hero outside of India. I am looking forward to working with the Hero team to develop the UK and European markets together,” said Avocet chairman Steven Walsh in the statement.
Hero Cycles group includes Hero Cycles, auto parts manufacturing companies Hero Motors Ltd, ZF Hero Chassis Systems Pvt. Ltd and Munjal Kiriu Industries pvt. Ltd, hospitality arm Munjal Hospitality, and luxury home decor products company Oma Livings.