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Bids, Mergers and Takeovers

Ricardo to acquire Exnovo

05 July 2016 13:48

Ricardo has agreed 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. This is a continuation of the relationship that has existed between Ricardo and Exnovo since February 2014 when a memorandum of understanding 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.

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.

At 1:48pm: (LON:RCDO) Ricardo PLC share price was -2p at 729p

Story provided by StockMarketWire.com

Related Company: RCDO

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