The world's largest bicycle manufacturer by volume, Hero Cycles, on 17 September 2015 announced the acquisition of Firefox Bikes Pvt. Ltd. for an undisclosed sum in an all-cash deal.
As per the deal, Hero Cycles acquired 100% stake in Firefox. Both the companies also mutually agreed that Firefox Bikes will continue to remain a separate business entity post the acquisition.
The deal includes the Firefox brand of bicycles, accessories and spares along with exclusive distribution rights of Trek and other global brands.
Hero Cycles also announced that it will setup a Hero Innovation Centre to upgrade its line of cycles.
About Hero Cycles
Hero Cycles Limited is the world’s largest bicycle maker based in Ludhiana, Punjab. The group was established by the four Munjal Brothers in 1956. The slogan of Hero Cycles Limited is Cycle of Life.
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