Hero Cycles, one of the world’s largest cycle manufacturers by volume, announced its acquisition of majority stake in the UK-based cycle distributor, Avocet Sports Limited, to mark its entry into the high-value cycle market in Europe.
Hero Cycles, one of the world’s largest cycle manufacturers by volume, announced its acquisition of majority stake in the UK-based cycle distributor, Avocet Sports Limited, to mark its entry into the high-value cycle market in Europe.Avocet is one of the top three distributors of bicycles, e-bikes, bicycle parts and accessories in the UK. The company has existing retail relationships with leading retailers such as Tesco, Halfords, ASDA, Shop Direct, Amazon among others. Its major brands include Viking, Coyote, Rooster, Ryedale, Lectro, Concept and Riddick.
Speaking of the acquisition, Pankaj Munjal, Chairman and MD, Hero Cycles said, “This acquisition marks our entry into the European market. We are very excited by our association with Avocet Sports Ltd, which is one of the most renowned and trusted names in the cycle segment in the UK. We are hopeful that our respective teams will have the opportunity to work together and distribute world-class products to customers in the UK and continental Europe.”
Steven Walsh, Chairman, Avocet commented, “I am very excited to become a part of the world’s largest bi-cycles company Hero Cycles. We are proud to become the first acquisition for Hero Cycles outside of India. I am looking forward to working with the Hero Cycles team to develop the UK and European markets together.”
Hero Cycles Group includes cycle giant, Hero Cycles, auto parts manufacturing companies, Hero Motors Ltd, ZF Hero Chassis Systems Pvt. Ltd, Munjal Kiriu Industries Pvt. Ltd, hospitality arm Munjal Hospitality and luxury home décor products company, Oma Livings. It has a nationwide distribution network with over 3000 dealers. Hero Cycles also exports to various countries in the Middle East, Africa, Asia and Europe.