Mifa Acquires Steppenwolf Assets
Mitteldeutsche Fahrradwerke AG (Mifa) has acquired, “All of Steppenwolf’s GmbH assets by way of an asset deal through a newly-founded subsidiary, Steppenwolf Bavaria GmbH”. On 26 July the German bike supplier Steppenwolf applied for insolvency. Since then operations continued. Both the company management as well as the receiver handling the insolvency procedures were optimistic to find an investor. And they did.
The acquired assets include the rights on the brand name, customer relations as well as all other sales, marketing and service divisions. Both parties have agreed not to disclose further details on the transaction.
Mifa states that it will finance, “The transaction from its financial resources, which derive from the capital increase that it executed successfully in July 2012”.
Mifa further says on the Steppenwolf acquisition, “It represents an important step in our growth strategy, which was announced as part of the capital increase”. Above all, the company regards the acquisition as an appropriate addition to its portfolio, which was expanded to include a well-established e-bike brand as recently as March 2012 with the takeover of Berlin-based Grace GmbH & Co. KG (also maker of the Smart e-bike)
The Liertz brothers Andreas and Roland founded Steppenwolf in 1995. Steppenwolf made its name as a premium brand offering bikes through a custom made system. The company is based in Oberhaching near Munich in Germany.