DENKENDORF, Germany (BRAIN) — Canada's Bombardier Recreational Products has taken a majority share in Pinion GmbH, the German maker of gearbox drivetrains for bikes and e-bikes.
BRP is the owner of Ski-Doo and Sea-Doo, among other brands, including Rotax and Great Wall Motor Austria powertrain systems.
BRP, publicly traded on the Toronto stock exchange under the DOO symbol and Nasdaq under the DOOO symbol, has annual sales of CA$7.6 billion ($5.9 billion).
"Beyond our existing powersports and marine products, we are expanding our addressable market and entering untapped categories such as urban mobility and services," said José Boisjoli, the president and CEO of BRP.
"This acquisition is strategic for us as it enables BRP to leverage Pinon's unique, state-of-the-art technology in order to spur the development of new electric human-assisted products. We are pleased to welcome the Pinion team."
In March, BRP announced that it would resume production of Can-Am motorcycles with an all-electric model line.
Pinion's founders, managing directors and shareholders Michael Schmitz, Christoph Lermen and Thomas Raith will continue with the company, which currently has about 60 employees.
Lermen, a co-founder and managing director of Pinion GmbH, said, "BRP's culture of relentless innovation and focus on R&D mirrors our own. We are proud to join such a respected company and look forward to breaking new ground with them. Together, we will continue providing class-leading Pinion gearbox technology to our 100+ valued bicycle manufacturers while at the same time expanding our offering and developing next-generation drive solutions."
Lermen founded Pinion in 2008 with Michael Schmitz; both are former Porsche engineers.
