An iconic car which appeared in four James Bond films is to be acquired in a £46 million deal.
Listed Canadian firm EV Technology Group will roll out the Electric MOKE after snapping up 50% of shares in Buckinghamshire-based MOKE International, taking its stake to 67.6%. It maintains an option to buy the rest.
The acquisition is expected to close later this year.
The MOKE ‘beach car’ was established in 1964 yet has only generated sales of 50,000 in almost 60 years. Appearing in You Only Live Twice (1967), Live And Let Die (1973), The Spy Who Loved Me (1977) and Moonraker (1979), it was first made famous by celebrities including Brigitte Bardot and The Beatles, who were pictured driving them in exotic destinations such as the South of France, Australia and the Caribbean.
MOKE International claims to be quickly building a long waiting list for the electrified version of the car in France and the UK. EV Technology Group says it will soon widen its sales offering across Europe and in the USA.
It already wholly-owns the MOKE France subsidiary, and deliveries to the South of France have commenced.
“The investment in MIL is extremely close to my heart. I first became interested in MOKE International when I tried to rent the vehicle in the South of France – I quickly discovered the joy of driving this vehicle in beautiful locales – but also the commercial opportunity given how high demand was for this iconic brand, relative to supply,” said Wouter Witvoet, CEO of EV Technology Group.
“EV Technology Group’s mission is to revitalise iconic brands and rediscover the joy of motoring in an electric age. This applies brilliantly to MOKE International as it forms the perfect start to EV Technology Group’s strategy to acquire and brands that have a loyal following and substantial brand equity.
“I am looking forward to helping the business expand as it enters new markets, especially in the USA. MIL has a superb future and EV Technology Group has the capabilities to support it every step of the way.”
Isobel Dando, CEO of MOKE International, stated: “I am proud and excited that MOKE International is becoming part of the EV Technology Group.
“It is the perfect company to take our rapidly growing business to the next level with the right balance of expertise, investment, and ambition.
“EV Technology Group’s in-house engineering and manufacturing expertise, and customer-centric technologies will also be invaluable to us as we continue to develop the Electric MOKE and more pioneering products. I am also looking forward to working closely with Wouter and the entire EV Technology Group leadership team to further develop MOKE International and further exciting brands to come.”
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