Acquisition of Italian motorcycle business

RNS Number : 3032D

Ricardo PLC

05 July 2016

 

05 July 2016

RICARDO PLC

("Ricardo" or the "Group")

RICARDO TO ACQUIRE ITALIAN MOTORCYCLE AND URBAN MOBILITY BUSINESS

Ricardo plc ("Ricardo"), a global engineering and strategic, technical and environmental consultancy business, announces today that it has signed a Share Purchase Agreement to acquire the Italian motorcycle, urban mobility and industrial design and engineering business, Motorcycle Engineering Italia s.r.l., which comprises the entire business, operating assets and employees of Exnovo s.r.l. ("Exnovo").

This is a continuation of the relationship that has existed between Ricardo and Exnovo since February 2014 when a Memorandum of Understanding ("MoU") was signed to jointly collaborate in pursuing major motorcycle business opportunities. This acquisition will significantly expand Ricardo's full product development capability in the rapidly growing scooter, motorcycle and urban mobility market and will form part of the Ricardo Motorcycle business upon Completion, expected on or before 31 July 2016.  

Based in Coriano, Italy, Exnovo has a strong history of working with Motorcycle OEMs on a range of scooter and motorcycle projects. The business has specialist styling, design, chassis, vehicle, electrical and prototype build expertise. It also brings complementary customer relationships in Asia, Central and Southern Europe. The business has 35 employees, revenue of circa €3.0m and was acquired for an undisclosed sum.  The management team are all staying with the business.

Commenting on the acquisition, Dave Shemmans, CEO of Ricardo plc said;

"Exnovo has a well-established market reputation which, when combined with Ricardo Motorcycle, will enable the Ricardo business to further enhance its position as a truly global development partner to Motorcycle OEMs around the world. It will also add valuable industrial design and urban mobility capability to the Group".

Further enquiries:
Ricardo plc	Tel: [phone]
Dave Shemmans, Chief Executive Officer Ian Gibson, Chief Financial Officer Website: www.ricardo.com
Newgate Communications Madeleine Palmstierna	Tel: [phone] [e-mail]

 

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