UK private equity house Inflexion has agreed to buy into e-bike component maker enviolo in a deal AltAssets understands values the company at $245m.
Headquartered in the Netherlands and with additional operations in Texas, enviolo designs and develops transmission systems for e-bikes for Europe and North America.
Inflexion said enviolo has grown rapidly as the market for e-bikes has developed strongly in the past few years and see it well-placed to benefit from the global transition towards smart and sustainable urban mobility.
Simon Turner, managing partner at Inflexion, said,“The enviolo team has created an innovative product offering which makes cycling more appealing and comfortable to the growing number of cyclists turning to it as a social, healthy activity and an environmentally friendly method of transportation in cities around the world. The team is incredibly driven and we look forward to working with them to grow their excellent business further both in the local Dutch market and internationally.”
Inflexion backs both majority and minority investments, typically investing €100m to €350m of equity in European deals.
The firm exited Halo Technology Group in December, generating a 6x money multiple and 53% IRR for a four-year hold. It also scored a 3x return with an earlier Kunetec exit.
It closed its 1.25bn Buyout Fund V in May 2018, at the same time as closing its £1bn Partnership Fund II.
AltAssets exclusively revealed in April that the firm was raising the successor to its £1.25bn Fund V – and had picked up a sizeable commitment from a major US pension fund.
Fund VI is said to be aiming £2bn, which will be 60% larger than Fund V.
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