Hero Cycles acquires leading UK-based Avocet Sports
World’s largest bicycle manufacturer Hero Cycles acquired majority stake in UK-based Avocet Sports for an undisclosed amount.
It is the first overseas acquisition of Hero Cycle with an aim to enter into high-end bicycle market in Europe.
Manchester-based Avocet is among top three players in bicycles, e-bikes, bicycle parts and accessories in the UK and with Hero Cycles it aims to capture high-end bicycle market in UK and Germany.
With the experience of 20 years in high-end bicycles market Avocet has Tie-ups with leading retailers around the globe which includes Tesco, ASDA, Halfords, Amazon.com, Shop Direct, and Hero Cycles.
About Hero Cycles:
Ludhiana-based Hero Cycles is the world’s largest bicycle manufactures by volume and India’s first Bicycle manufacturing company, incorporated in 1956 by late Om Prakash Munjal.
It is a part of Hero Group that has its foot prints in sectors like bicycle components, automotive, automotive components, IT, services, Hospitality, Home Decor etc.
Hero Cycles manufactures over 7.5 million bicycles per year from its manufacturing units in Bihta (Bihar), Ludhiana (Punjab) & Ghaziabad (UP).
It acquires largest domestic market share and also exports to various countries in the Middle East, Africa, Asia and Europe.
Categories: Business & Economy Current Affairs 2018