Indischer Konzern setzt auf Schweizer Elektrovelos

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Die TVS Motor Company kauft die Swiss E-Mobility Group – und damit die M-Way-Läden. Der indische Konzern will so in Europas Bike-Markt einbrechen.

Im Herbst 2019 sorgte die Migros für eine Überraschung: Sie verkaufte die E-Bike-Ladenkette M-way an Constellation Capital. Die Schweizer Private-Equity-Firma fasste diese Akquisition mit dem im Vorjahr erworbenen B2B-Trader Colag zusammen – es entstand die neue Swiss E-Mobility Group (SEMG).

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Nun sorgt Constellation Capital mit dem Verkauf der SMEG an die TVS Motor Group selbst für Schlagzeilen; wie es sich für einen gewieften Investor geziemt, hat er in den gut zwei Jahren einen erklecklichen Gewinn eingefahren: Der «Business Standard India» beziffert den Erlös auf 100 Millionen Dollar. Von der Migros konnte M-way – das Filetstück im Paket – noch zum Schnäppchenpreis von unter 10 Millionen Franken übernommen werden.

Die TVS Motor Company ist Indiens drittgrösster Zwei- und Dreiradhersteller, sie produziert über 3 Millionen Fahrzeuge. Das über 100-jährige Familienunternehmen ist in rund 70 Ländern präsent – aber noch kaum in Europa. Offenbar um sich auch hier zu positionieren, hat TVS vorerst 75 Prozent der Anteile an der SEMG erworben, was einen reibungslosen Übergang garantieren soll; der restliche Viertel soll dann in naher Zukunft auch noch übernommen werden. 

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Personell soll diese Übernahme kaum Auswirkungen haben: Reto Waeffler bleibt weiterhin CEO der SEMG; das Management wie auch das gesamte Team soll unverändert übernommen werden.

Allerdings wird der Verwaltungsrat neu konstituiert; Präsident Simon Lehmann (Ex-CEO von Flyer) tritt ab: «Nachdem wir Colag und m-way erfolgreich unter dem Dach der Swiss E-Mobility Group (Schweiz) AG vereint, den Turnaround geschafft und nun diesen erfolgreichen Verkauf realisiert haben, ist meine Arbeit getan.»

Mehrere Parallelen

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Der Deal kommt überraschend, nachdem SEMG-Präsident Lehman im Sommer noch versichert hatte, dass das Unternehmen nicht so schnell – wie bei  Private Equity-Kapitalgebern gängig – wieder veräussert werde: «Sonst hätte Constellation Capital im Frühling nicht noch eine hohe Summe in eine neue Online-Plattform investiert.»Nicht ganz überraschend ist der Name des Käufers: TVS übernahm im September schon eine 80 Prozent-Beteiligung am Zürcher E-Bike-Anbieter Ego Movement. Wie dieser ist SMEG mit einer kundenorientierten Omni-Channel-Strategie gut aufgestellt. Und damit avisieren die Inder jetzt den europäischen E-Bike-Markt.

Indischer Konzern setzt auf Schweizer Elektrovelos
© Bereitgestellt von Handelszeitung PD SEMG /

Wie bei Ego Movement – mit den 10 eigenen Stores in der Schweiz, in Deutschland und Liechtenstein – ist auch bei SEMG ein Filialnetz der grösste Asset: Die 31 Läden von M-way bilden die grösste reine E-Bike-Detailhandelskette in der Schweiz.

Bei den Eigenmarken im Portefeuille gibt es ebenfalls eine Parallele zur letztjährigen Akquisition: Allegro, Cilo, Simpel und Zenith sind wie Ego Movement im Fachhandel nicht vertreten. Sie werden in der Schweiz etwa über Coop und in Deutschland über Kanäle wie Media-Saturn, Netto, OBI, Otto oder 1-2-3 TV vertrieben.

Ehrgeizige Ziele

Bleibt abzuwarten, ob zusätzliche Investitionen aus Indien helfen können, den von SEMG fürs laufende Geschäftsjahr erwarteten Umsatz im knapp dreistelligen Millionenbereich markant zu steigern. «Der zunehmende globale Umwelt-Fokus beschleunigt die Nachfrage nach neuen Mobilitätslösungen und TVS Motor investiert, um diesen Wandel voranzutreiben», verspricht jedenfalls Venu Srinivasan, der Chairman der TVS Motor Company: «Wir engagieren uns schon seit über 10 Jahren mit Elektrofahrzeugen.»

Ralf Speth, designierter TVS-Chairman ergänzt: «Die SEMG komplettiert die 2020 erfolgte Akquisition von Norton Motorcycles (GB) und von EGO Movement und stärkt die Ausrichtung auf eine starke Technologieführerschaft.»

Und Sudarshan Venu, Co-Geschäftsführer der TVS Motor Company, äussert die erklärte Absicht, die Produktepalette weiter auszubauen und das Unternehmen in der DACH-Region und darüber hinaus zu vergrössern. Jedenfalls sollen die erwähnten vier SEMG-Eigenmarken ab Ende Jahr in Indien vertrieben werden.

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