M-Way Sold to Swiss E-Mobility Group

M-Way AG, previously owned by Migros, is now under new ownership after a deal with the Swiss E-Mobility Group went through at the end of last week. The group itself released a statement and said the following;

‘The takeover of Swiss M-Way would result in a strong e-mobility company with competencies in both development and production as well as a nation-wide retail network.’

Why the sale from Migros? Just recently, they suggested a change of strategy after experiencing an increase in competition on their home turf. While some subsidiaries are sold off, Migros want to go back to basics with the food business, industrial operations, and the chain of larger outlets. With Lidl and Aldi now operating in Switzerland, companies like Migros have been forced into rethinking their approach in recent times.

Nine Years of Growth and 28 Outlets Across Switzerland

Back in 2010, Migrol (a fuel and heating oil subsidiary of Migros) launched M-Way and quickly enjoyed growth. In Switzerland, the brand leads the e-two-wheeler IBD market and has 28 stores across the country with 100 employees. For Swiss E-Mobility Group, the purchase is quite a coup and the company plan to integrate the stores into their existing network. Thanks to the deal itself, agreed by both parties, it’s unlikely we’ll know a selling price.

With Eldisto GmbH from Nuremberg (an e-commerce trading company) and Colag AG from Zurich (an e-bike producer and distributor), the E-Mobility Group is certainly growing. Dr Philipp Hofstetter, Chairman of the Board of Directors at the company, said ‘We intend to strengthen the group with further acquisitions, primarily in Germany and Austria, and to add services such as maintenance, repairs, financing and leasing.’

He continued, ‘the e-bike market has huge potential and demand is increasing constantly. We are already very successful in the B2B e-bike business and have extensive experience in development and production. Now we want to expand our end-customer business strategy and consider M-Way AG to be an ideal complement.’