Schaeffler : sells Schaeffler Bio-Hybrid GmbH under management buyout (MBO) deal

2020-10-15 | Herzogenaurach

• Managing directors of Schaeffler Bio-Hybrid GmbH and venture builder meisterwerk ventures GmbH take over Schaeffler Bio-Hybrid GmbH
• All jobs in Nuremberg and Munich to be retained
• Bio-Hybrid volume production to commence in 2021 under new ownership

Global automotive and industrial supplier Schaeffler today signed an agreement with Micromobility services and solutions GmbH, a wholly-owned subsidiary of meisterwerk ventures GmbH, for the sale of Schaeffler Group's stake in Bio-Hybrid GmbH.

meisterwerk ventures is owned by five venture capital partners, which include a venture owned by Gerald Vollnhals, Schaeffler Bio-Hybrid's current managing director. Vollnhals will stay on as managing director of the company, which will be renamed Bio-Hybrid GmbH. The new company will continue to trade under the Bio-Hybrid brand. The parties have agreed not to disclose the financial details of the deal. The sale is not subject to competition regulatory approval, and the transaction is expected to be completed in the near future.

Schaeffler Bio-Hybrid GmbH started development work on a four-wheel pedelec bike, dubbed the 'Bio-Hybrid', in late 2017. The vehicle combines the freedom and maneuverability of a bicycle with the carrying capacity and weather protection of a small car. Being a pedelec, it is powered by a combination of muscle power and an assistive electric motor, meaning it can be driven without a driver license in cycle lanes. The Schaeffler Bio-Hybrid company was established as a startup within the Schaeffler Group and has sites in Nuremberg and Munich.

'We are grateful to Schaeffler for supporting us in developing the vehicle for volume production, which is scheduled to start in the second quarter of 2021,' said Gerald Vollnhals. 'We are especially pleased to announce that all existing jobs will be retained under the change of ownership. In fact, our fantastic team will be working even more intensively with our key partners and suppliers. So we'll be keeping our foot on the gas and sticking to our goal of generating four-digit Bio-Hybrid unit sales in 2021. We would like to start the reservation phase before the end of this year.'

Uwe Wagner, Schaeffler AG's Chief Technology Officer, was equally positive. 'The joint development of the Bio-Hybrid has been a very exciting project and a great learning experience for everyone involved. We are delighted to have smoothed the way for this highly promising new mobility concept. Being independent from the Schaeffler Group, the new company will be more agile and will be able to drive volume production with greater focus.'

About Bio-Hybrid GmbH
About Bio-Hybrid GmbH: Bio-Hybrid GmbH is a German tech startup that rethinks and sustainably shapes the future of mobility. For less smog, more smartness and more quality of life. With a team of some 25 members at its Nuremberg and Munich locations, the company is preparing for the production launch of the canopied Bio-Hybrid pedelec scheduled for mid-2021. In its Passenger, Cargo and Pick-up versions, the new mobility concept closes the gap between bicycles and cars. The Bio-Hybrid idea was presented by Schaeffler in 2016 as a vision for personal mobility in urban areas. In November 2017, the automotive and industrial supplier established Schaeffler Bio-Hybrid GmbH in order to develop the Bio-Hybrid to production level. Following its sale, the company has been operating under the umbrella of meisterwerk ventures GmbH outside of the Schaeffler Group since October 2020.

About meisterwerk ventures GmbH
meisterwerk ventures GmbH is a venture builder headquartered in Berlin, Germany. Established in 2016, the company specializes in building startups in the medical technology and electric mobility sectors. meisterwerk ventures is powered by a team of seasoned inventors and technologists who integrate disruptive thinking and wide-ranging engineering know-how to develop new technology solutions. Its ecosystem of ventures includes midge medical GmbH, which is currently working on a new technology for mobile COVID-19 genetic testing; AICURA medical GmbH, which is developing an AI-based health platform for doctors and hospitals; and Micromobility services and solutions GmbH, the owner of Bio-Hybrid GmbH.