Lavoie Rescues VanMoof from Bankruptcy with Acquisition
VanMoof, the e-bike manufacturer that recently filed for bankruptcy, has secured a new buyer in Lavoie, the electric scooter division of McLaren Applied. Lavoie has committed to investing in VanMoof to expand its operations and ensure stability. The aim is to combine their expertise and resources to develop an advanced e-mobility business and establish a leading premium e-mobility offering globally, as stated in a press release.
The terms of the acquisition have not been disclosed, but Lavoie and McLaren Applied seem to have a fair idea of the challenge ahead of getting VanMoof back on track. McLaren Applied CEO Nick Fry told Reuters that VanMoof is “a company with a great product” that offers his team an opportunity for new markets, “but this is not going to be a walk in the park. This is also a company that got itself into a difficult financial situation.” Fry pointed out that McLaren Applied would need to invest “tens of millions” of pounds in the “short term” to stabilize VanMoof.
Lavoie CEO Eliott Wertheimer noted that VanMoof has more than 190,000 e-bike customers, some of whom have had trouble getting parts for repairs since the production halt. Lavoie’s goal is to “continue to keep these riders on the road while effectively stabilizing and growing the VanMoof business and continuing to develop its world-class products.” However, there will be layoffs as part of the acquisition. VanMoof is also moving away from its own retail model to instead sell and service bicycles through third parties. Peloton has made a similar change in its business model recently. a year or so.
