Strategic Expansion

The acquisition aligns with MoveByBike’s strategy to expand its reach in the European market, leveraging Chainge’s established operations in Greater Copenhagen. Chainge, which uses electric transport bicycles for logistics, has a workforce of about 60 employees and reported revenues of € 433.000 with an EBITDA of € -190.000 from January to May 2024.

Financial Details and Operational Synergies

The transaction is expected to increase the group’s revenue by approximately 50 percent while maintaining current monthly results. Additionally, MoveByBike’s equity will be strengthened by an asset influx of about € 1,7 Million.

“We are incredibly excited to work closely with Chainge. We complement each other very well in terms of customers, geographies, and expertise. Together, we can create even more efficient and sustainable transport solutions for our customers in the Nordic market. We look forward with great anticipation to the opportunities this partnership will generate for our shared future.”

says Lisette Hallström, CEO of MoveByBike

Closing and Future Integration

The deal is scheduled to close on July 8, 2024, with Chainge set to operate under its own brand while integrating its workforce and operations with MoveByBike.

“Chainge is permeated by a constant focus on logistics. We have been keeping an eye on MoveByBike for the past two years, and it is clear that we share a vision. Chainge’s positive energy and clear structure will contribute to faster profitability. Together with MoveByBike’s large load capacity and the market’s leading vehicle fleet, we can offer more efficient and sustainable last-mile solutions for all our customers in the Nordics,”

says Michael Junge, CEO of Chainge ApS.

Commitment to Sustainable Logistics

Both companies share a commitment to promoting sustainable urban environments through emission-free transport and logistics solutions. This acquisition positions MoveByBike and Chainge to further develop their presence in the green logistics sector across the Nordic region.

This acquisition marks a significant step for MoveByBike in its effort to strengthen its market position and expand its capabilities in sustainable logistics solutions.

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The acquisition is valued at €2 million (SEK 23,3 million), which will be in shares in MoveByBike.

The acquisition will result in a strengthened financial position and the ability to provide quick, emission-free delivery services in a rapidly growing market. This partnership is expected to expedite profitability and facilitate the ambitious expansion plans of the merged companies.

The founders, Lisette Hallström (MoveByBike) and Sven Wolf (Bzzt), see this merger as a strategic move and a response to the increasing demand for efficient delivery services. After the completion of the transaction, they intend to broaden the expertise of the new conglomerate’s board by adding at least three members with previous experience in Bzzt.

MoveByBike operates in e-commerce, logistics, and micromobility and is one of the few market players engaged in entirely eco-friendly transportation. The company’s primary mode of transport is its self-developed electric cargo bicycle, capable of carrying up to 200 kg of cargo with a storage space of up to four cubic meters. In 2020, the company generated around € 2.3 million in revenue, with over 500,000 deliveries performed.

This strategic move is seen as a crucial step for both companies, as it positions them as prominent players in the delivery and logistics sector, offering not only rapid one-hour deliveries but also sustainable, eco-friendly services.

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