LBO France has acquired a stake in Moustache Bikes, a company that specialises in designing, assembling and distributing electric bikes.
The private equity firm Initiative & Finance is selling its 55 per cent stake held since 2015, and the company’s founding managers, Emmanuel Antonot and Grégory Sand, who hitherto owned 45 per cent of the capital, are reinvesting significantly.
The company, based in the Vosges and set up in 2011 by these two bike-lovers, has established itself on a recent, fast-growing market. Moustache Bikes has become the leading brand on the premium market in France, while exporting around 40 per cent of its bikes. It currently employs around 80 people and generates a EUR50 million turnover, with an annual growth of 30 per cent. In 2018, the company sold 27,000 bikes via a network of 350 bike dealers, across 18 countries.
Based on the belief that quality and performance are essential for electric bikes, the managers have chosen to differentiate their product offering by concentrating their efforts on design, comfort, technical expertise and user enjoyment, resulting in the creation of a comprehensive range of immediately recognisable bikes under the Moustache brand. The bikes, which are designed and assembled in France, include a modern take on handlebars of bygone days and use the best performing equipment on the market. To offer a wide range of bikes, with models costing between EUR2,200 and EUR8,000 each, the company has since its creation relied on innovative partnerships with recognised brands and experts.
The group’s success was rewarded in 2017 when it won the “Start-up of the Year” award for Eastern France as part of the “EY & L’Express Entrepreneur of the Year” awards.
Vincent Briançon, Mid Cap Partner at LBO France, says: “We are delighted to have the opportunity to work alongside the two founders and the team of Moustache Bikes to support the company in its new growth phase, both in France and internationally. While electric bikes currently account for 11 per cent of the bikes sold in France, they are gaining ground as a new means of urban transportation and a new, dynamic leisure activity.”
Matthieu Douchet, Managing Partner at Initiative & Finance, says: “We draw particular satisfaction from having supported the founding managers of Moustache Bikes in this growth and structuring phase during which the company’s sales have quadrupled in less than four years. A pioneer in its sector, Moustache has succeeded in establishing itself in just a few years as a major player for urban, leisure and sports activities, in a growing, European-wide market, thanks to the very specific expertise applied to the development of its electric bikes and their strong identity.”
Grégory Sand, Moustache, says: “After three years of an excellent collaboration with Initiative & Finance, we are very pleased to welcome LBO France on board in order to take our business to the next level. The management of the strong growth which we have experienced from the outset requires the necessary resources and a solid support. The arrival of LBO France coincides perfectly with our strategy, needs and ambitions in France and internationally.”
