Cykleo, the cycling subsidiary of the public transport group Keolis, is acquiring Ecovelo, a Nantes-based SME specialising in self-service electric bikes. The transaction brings together a large-scale operator of cycling services and a designer of technology solutions deployed in nearly 35 territories. It enables the exit of Go Capital, a shareholder in Ecovelo for six years.
Analysis by the experts at Auris Finance, M&A and financial engineering advisory firm.
Founded in 2007 within the Keolis group, itself 70% owned by SNCF, Cykleo designs, deploys and operates cycling services for local authorities: bike-sharing, long-term rental and parking. The company generates revenue of €28 million. It has a fleet of nearly 35,000 bikes and more than 200 employees, and operates in around fifty local authorities.
Ecovelo offers territories and mobility organising authorities turnkey self-service electric bike solutions, from project definition through to operational management.
A bike-sharing offering for every local authority
The transaction should enable Cykleo to serve every territory, from major cities to medium-sized towns. The combined entity will offer local authorities an integrated offering: bike-sharing, long-term rental, secure parking, operation and maintenance, and technology management platforms. Cykleo now claims the position of leader in cycling services in France.
“For nearly twenty years, Cykleo has supported major urban areas in developing cycling. With the acquisition of Ecovelo, we are moving up a gear! Thanks to the quality of its solutions, its spirit of innovation and its knowledge of the field, we can now serve every territory, from major cities to medium-sized towns, with a complete bike-sharing offering,” says Camille-Léa Passerin, Chief Executive Officer of Cykleo and Chair of Ecovelo.
Ecovelo’s innovations integrated into the Cykleo range
Ecovelo has developed around several innovations: motorised locks, smart electric chains and electrified charging stations. The company recently launched a self-service electric longtail bike, which will join the Cykleo range. By joining the group, Ecovelo will benefit from nationwide deployment capacity while continuing to develop its technologies.
“I am delighted to join Cykleo and very proud of the commercial successes and innovations achieved with the Ecovelo teams over the last five years, in the service of local authorities,” says Matthieu Saudubray, Chief Executive Officer of Ecovelo.
Keolis completes its mobility offering
“Cycling is an essential link in everyday mobility and intermodality. With this acquisition, the Keolis Group is giving itself the means to offer local authorities comprehensive solutions, from the public transport network to the last mile,” says Clément Michel, Managing Director France, Regions at Keolis.
In addition, from 1 January 2027, Cykleo will operate Nantes Métropole’s medium- and long-term bike rental and bike parking services, having won the metropolitan authority’s tender.
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