Portuguese group Semapa buys bike frame maker Triangle's for $195 mln
20/06/2023 09:08
LISBON, June 20 (Reuters) - Portuguese conglomerate
Semapa SEM.LS has bought electric bike frame manufacturer
Triangle's Cycling Equipments for 178.7 million euros ($195.2
million), part of its move into businesses geared towards
decarbonisation, it said on Tuesday.
Semapa controls the pulp and paper producer Navigator
NVGR.LS , owns cement maker Secil, and also has businesses in
the environmental and hydrogen sectors.
Triangle's, which started producing aluminium frames for
electric bicycles through a robotic welding process in 2017,
posted sales of 36.7 million euros in 2022.
The company exported almost all its production last year.
Given its location in Portugal, Triangle's has much lower
logistics costs than its Asian competitors, it said.
Semapa said in a statement that it is seeking to speed up
Triangle's growth and will invest in increasing capacity and
technological development.
The acquisition shows "a commitment to sectors of the
future, combining decarbonisation and sustainability goals with
growth prospects", Semapa CEO Ricardo Pires said.
In addition to the 178.7 million euro headline value of the
acquisition, there may be an additional amount paid by 2027
depending on the Triangle's performance and other conditions,
Semapa said.
Portugal in 2019 dethroned Italy to become Europe's biggest
bicycle manufacturer. The country exports about 90% of the
bicycles it produces, with key markets in Germany, France and
Italy.
($1 = 0.9153 euros)
(Reporting by Sergio Goncalves; Editing by Inti Landauro and
Jan Harvey)
((sergio.goncalves@thomsonreuters.com; +351213509204; Reuters
Messaging: sergio.goncalves.reuters.com@reuters.net))