Hero Cycles on Wednesday said that it has acquired UK-based cycle distributor Avocet Sports Limited, making its first 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 and it offers an extensive range of products including hybrid, folding, road, children’s bikes, e-bikes, Mountain bikes, BMX and roadster incorporating contemporary technology and design. Its leading brands include Viking, Coyote, Rooster, Ryedale, Lectro, Concept and Riddick.
“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. We are very excited by our association with Avocet Sports which is one of the most renowned and trusted names in the cycle segment in the UK,” Pankaj Munjal, Chairman and MD, Hero Cycles, said.
Munjal had recently spoken about how the Ludhiana-based cycle manufacturer would be focusing its attention towards capturing significant market share in higher-value cycle markets such as the UK and Germany. Expansion into the European market will play an important role in realising the Hero Cycles Group’s plans for growth.
Steven Walsh, Chairman of Avocet said, “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 outside of India. I am looking forward to working with the Hero team to develop the UK & European markets together.”