THE HAGUE, NETHERLANDS – British electric scooter manufacturer Lavoie announced on Thursday it was taking over Dutch e-bike maker VanMoof which was declared bankrupt in July.
Lavoie, a subsidiary of motorsport technology firm McLaren Applied, said in a statement that it had finalised an agreement to acquire VanMoof, whose popularity earned it the name “Tesla of e-bikes”, without specifying the cost of the takeover.
“VanMoof has 190,000 customers globally and our commitment is to continue to keep those riders on the road,” said Eliott Wertheimer, co-CEO of Lavoie, in a statement.
The firm plans to “stabilize and efficiently grow the VanMoof business and continue to develop its world-class products,” he added.
The deal “helps us to accelerate global growth”, said Nick Fry, president of McLaren Applied.
VanMoof’s bikes, which are sold in 20 countries, are known for their sleek, simplistic design with a battery hidden in the frame.
VanMoof had raised $128 million in September 2021 in an effort to expand as it rode a boom in the e-bike sector after the Covid pandemic prompted people to seek alternative means of transportation.
But it has struggled since then, losing almost 80 million euros ($90 million) in 2021 and the same figure last year, with Dutch media saying it was plagued by bad publicity as bikes broke down frequently and repairs took too long.
McLaren Applied was part of the McLaren Group for 20 years but is now under different ownership.
What the acquisition means for clients and employees of VanMoof remains unclear.
The finalisation of the deal is set for September 4, according to Dutch press agency ANP.
Lavoie will invest “several tens of millions of euros” in VanMoof, according to Dutch radio broadcaster NOS.