Here is today’s announcement from Segway, Inc.
Summit Strategic Investments, LLC Acquires Segway Inc.
Segway to Refocus, Grow Product Portfolio and Drive Personal Transportation Innovation Worldwide
Bedford, New Hampshire – February 28, 2013 – Summit Strategic Investments, LLC (SSI) is pleased to announce its acquisition of Segway Inc. (Segway) for an undisclosed amount. The Company plans to refocus, grow its product portfolio and expand its worldwide network.
“We are pleased with SSI’s vision for Segway’s future. I’m confident that its investment in and repositioning of the Company will propel us forward,” said Mary Savage, Chief Operating Officer, Segway Inc. “We are the world’s leading provider of personal transportation and going forward we’ll prove why by successfully addressing customer needs, introducing new products and growing market share.”
“SSI has a 15 year record of investing in solid companies with strong brands that offer the market true value,” said Roger Brown, newly appointed President and Chief Executive Officer, Segway Inc. “Segway is an ideal fit for SSI’s strategic vision. My goal over the next few years is to refocus the Company on its strengths and leverage growth opportunities. In addition, we expect to announce the development of new products in the very near future.”
UPDATE: 10 March 2013, as reported in The National Business Journal (see full article):
When Segway Inc., based in Bedford, N.J., went up for sale, Roger Brown of Brentwood-based Summit Strategic Investments saw an opportunity and put down the highest bid for the company.
“When I visited the company, it was all this great energy, this great customer base worldwide,” he said. “It’s unique, it’s profitable and it’s worldwide. We can triple or quadruple the sales of this company with very little effort.”
Segway operates more than 250 distributors, dealers and experience centres in 80 countries. Brown said he envisions growth worldwide, especially in China, where there are currently few units sold there. “China is an incredible market,” he said.
Summit has been buying companies for 15 years and has invested in biometrics, real estate, health care and automotive industries, among others. Brown, who said he is a value investor who looks to Warren Buffett as a model, said he often chooses companies based on their people.
“Bricks and mortar and equipment can be replaced,” he said. “It’s generally the people. If we believe in the people and if we believe in the product, if there is go-to-market strategy and you have a good investment piece for that, that’s what we want to buy.”