- Mutares has received an irrevocable purchase offer from the management of Peugeot Motocycles
- The transaction is expected to close in the second quarter of 2026
- Peugeot Motocycles generates annual revenue of approximately 140 million euros
The scooter brand Peugeot Motocycles is facing another change of ownership. The Munich-based investment fund Mutares SE & Co. KGaA has announced that it has received an irrevocable purchase offer from the company’s current management team. This would return the heritage manufacturer of motorized two- and three-wheelers to French hands. The completion of the transaction is expected in the second quarter of 2026, following consultation with works councils and subject to customary conditions.
A Turbulent Ownership History Spanning More Than a Decade
Peugeot Motocycles has had a turbulent recent history in terms of its ownership structure. In 2015, Indian conglomerate Mahindra secured a 51 percent majority stake in the company. Under Mahindra’s leadership, the focus remained heavily on the scooter business, which continues to be Peugeot Motocycles’ core segment to this day. While the manufacturer does offer some small-displacement motorcycles, its scooter portfolio is significantly broader.
After eight years under Mahindra’s stewardship, German investment fund Mutares acquired the majority of Peugeot Motocycles in 2023. Since then, the company has undergone what Mutares describes as a comprehensive operational and strategic transformation aimed at strengthening its market position, improving efficiency, and establishing the foundation for sustainable growth.
Milestones Under Mutares: DAB Motors, Sherco and Pulsion Evo
During its time under Mutares, Peugeot Motocycles achieved several key milestones according to the investment fund. These included the acquisition of DAB Motors, described as a step toward expanding its presence in the premium and electric motorcycle segment. In addition, Peugeot Motocycles entered into a partnership with French motorcycle manufacturer Sherco, which resulted in the new XP6, among other things. Most recently, the management team launched the new Pulsion Evo.
Beyond these product-related initiatives, operational improvements and structural measures also contributed to making the company more focused and resilient, according to Mutares. The management team was also instrumental in the internationalization of the brand and developed strong growth plans for the coming years.
Management Buyout Aims to Secure Growth Trajectory
Through the management buyout, Peugeot Motocycles, which generates annual revenue of approximately 140 million euros through its European and Asian presence, is to be guided into an independent future. Johannes Laumann, CIO of Mutares, expressed confidence in the planned transition: “We are confident that we are now handing Peugeot Motocycles over to the best possible hands for the next phase. The team has developed a clear and compelling plan for the company’s future and has demonstrated strong execution capabilities during our ownership. We believe the management team is ideally positioned to further develop the brand and successfully implement its growth strategy.”
For Peugeot Motocycles, the move represents a return to French ownership after the brand was led by foreign investors for more than a decade.
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