German fund buys Indian-owned Peugeot Motocycles

German investment fund Mutares said on Wednesday it had acquired French bike-maker Peugeot Motocycles, with the current owner, Indian group Mahindra, retaining a minority stake. Mahindra had in late 2019 purchased the 49 per cent it did not previously own from the PSA Group for an undisclosed sum. Mutares, a listed private equity holding company, said it had "successfully completed the acquisition of 50 per cent equity and a controlling stake of 80 per cent in Peugeot Motocycles (PMTC) from Mahindra & Mahindra (M&M). "M&M will remain a co-shareholder to support new product launches and the strong growth expected in the coming years," the fund said without giving financial details. Peugeot Motocycles designs and manufactures two- and three-wheel motorcycles distributed through 3,000 points of sale by subsidiaries, importers, and dealers in France and internationally on three continents. The firm, boasting revenues of around €140 million, owns its manufacturing facility at Mandeure, France, in a joint venture with China's Jinan Qingqi Motorcycle. It also has manufacturing partnerships in Asia, notably THACO in Vietnam.