Summit Strategic Investments, a $120m private equity fund controlled by China-based automotive parts manufacturer Wanxiang Group, has acquired Segway, a Bedford, New Hampshire-based provider of personal electric transportation, for an undisclosed sum.
The company’s network currently includes more than 250 distributors, dealers and experience centers in 80 countries. The deal marks the company’s second take-over in under a decade.
As part of the acquisition, the company plans to refocus, grow its product portfolio and expand its worldwide network. “We are pleased with SSI’s vision for Segway’s future. I’m confident that its investment in and repositioning of the company will propel us forward,” said Mary Savage, Segway’s Chief Operating Officer. “We are the world’s leading provider of personal transportation and going forward we’ll prove why by successfully addressing customer needs, introducing new products and growing market share.”
“SSI has a 15 year record of investing in solid companies with strong brands that offer the market true value,” said Roger Brown, Segway’s newly appointed President and Chief Executive Officer. “Segway is an ideal fit for SSI’s strategic vision. My goal over the next few years is to refocus the company on its strengths and leverage growth opportunities. In addition, we expect to announce the development of new products in the very near future.”
Dean Kamen, the inventor behind the vertical motorized vehicle company, back in 2001 described his ‘personal transporter’ as “what the car was to the horse and buggy.” However, in recent years the company saw a series of dips in dives, namely the 2003 recall of the device due to safety concerns and the 2010 untimely death of then owner and UK businessman, James Heselden. Only a year before in 2009 Segway CEO James Norrod left the company when Segway was acquired by a company backed by Heselden’s firm Hesco Bastion.
Prior to the Hesco Bastian acquisition the company had raised more than $120m in private and venture capital funding, according to news reports.
In this latest deal, Summit Strategic Investments, LLC was advised by Josh Sutherland with Pitts and Eckle P.C. and Angle Advisors Investment Banking. The owners of Segway Inc. were represented by BDO Capital Advisors, LLC.
Earlier this year, SSI realised its investment D&R Technology in a sale to CTS for $63.5m. D&R had annual sales of about $50m.