Tandem, a bike manufacturer based in Birmingham, has bought a mobility scooter company for a sum that could be as much as £3.5 million.
Northampton-based Pro Rider Mobility also sells electric bicycles and electric golf trolleys. It made a £300,000 profit for the year ended 31 January 2013, with net assets of £600,000.
Tandem chairman Mervyn Keene said: “We are excited by the potential for growth of the Pro Rider business and this acquisition, while offering synergies with our existing businesses, enables us to build an on-line trading platform.”
The manufacturer will pay an initial £2.5 million in cash and up to a further £1 million dependent on future profits.