HUTTWIL, Switzerland - Biketec AG, manufacturer of the Flyer e-bikes, is bracing itself for tougher times and competition. Kurt Schär (l.) CEO Biketec and Dominik Sauter (r.), CEO EGS Beteiligungen AG shake hands as EGS Beteiligungen AG enters as an investor which is also ensuring financial resources for further growth of the e-bike pioneer.
At first glance the name EGS makes industry insiders rub their eyes: Wasn’t this the company that tried to launch a revolutionary gearing system in the nineties? The abbreviation here stands for the parent company Ernst Göhner Stiftung. EGS Beteiligungen AG is an investor aiming at a long term partnerships.
Biketec MD Kurt Schär says, “The foundation Ernst Göhner Stiftung uses its interest revenues for social and cultural purposes. This philanthropic approach is consistent with our own values and was a key reason for the existing shareholders to prefer EGS to other prospective investors.”
Generating sales of over CHF 100 million
The reason why Biketec, that just recently celebrated its 10th anniversary, was looking for an investor has to do with the rapid growth: in 2011 over 50,000 Flyers were sold, generating for the first time sales of over CHF 100 million. The new financial partner will strengthen Biketec’s equity and the company’s independence against takeover appetites of big players when times might not be so rosy anymore.
EGS has acquired 40% of all outstanding shares of Biketec AG. The operational management of the Swiss e-bike maker will not change due to this transaction: it still lays in the hands of the founding shareholders Kurt Schär (CEO) and Hans Furrer (Production Manager) and the other Executive Committee members Yvonne Breuers (Finance) and Simon Brülisauer (tourism and events).