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: 01273 455611
|
Dave Shemmans, Chief Executive Officer
Ian Gibson, Chief Financial Officer
Website: www.ricardo.com
|
|
Newgate Communications
Madeleine Palmstierna
|
Tel: 020 7680 6550
ricardo@newgatecomms.com
|
This information is provided by RNS
The company news service from the London Stock Exchange
END
ACQSSFFEIFMSELW