Lavoie, the electric scooter unit of Formula One engineering and technology firm McLaren Applied, said it had agreed to acquire bankrupt Dutch e-bike maker VanMoof.

“Under the terms of the agreement, the acquisition will see Lavoie and McLaren Applied inject stability into the VanMoof operations,” reads a press release, “then combining and integrating their premium capabilities to create a next-generation e-mobility business and establish a world-leading premium e-mobility offering.”

McLaren Applied, based in the U.K., is the former tech division of the McLaren Group, known for its supercars, from motorsports to public transport. Greybull Capital, a U.K.-based private equity firm, purchased Applied in 2021.

“With its next generation of e-bikes, smart technology, innovative design, and loyal customer base, VanMoof and Lavoie fit together perfectly,” said Eliott Wertheimer, Lavoie CEO, in a press statement. “VanMoof has 190,000 customers globally, and our commitment is to continue to keep those riders on the road while we stabilize and efficiently grow the VanMoof business and continue to develop its world-class products.”

Terms of the purchase were not disclosed, but McLaren Applied chair Nick Fry told Reuters that an investment of “tens of millions” is required “in the short term” to stabilize VanMoof. Fry also said that the new VanMoof would focus on third-party retailers to sell and service its bikes and shut down its in-house retail store model.

Photo courtesy VanMoof