Australia’s largest motorcycle retailer has now added motorcycle and ATV/UTV importer Mojo Motorcycles into its burgeoning portfolio.
You certainly can’t accuse the Queensland-headquartered MotorCycle Holdings of being a benign player in the Australian motorcycle market.
In addition to its 40-plus retail network across the eastern states and territory, as well as ownership of a motorcycle repair business and the Cassons accessories group, MotorCycle Holds will now acquire full ownership of Mojo Motorcycles, Australia’s largest private importer for motorcycle, scooter, ATV and UTV brands such as CFMOTO, Sherco and Kymco.
The deal, worth a total of $60 million, is set to be finalised by October 31, 2022.
The transaction will include cash ($20 million), shares (11,539 million) and deferred (up to $10 million) components to Mojo Motorcycles founders and directors Michael Poynton and Joshua Carter, who will both take up senior executive positions with MotorCycle Holdings. Poynton will also take a seat on the board.
Mojo Group is based in Melbourne and operates across Australia and New Zealand as well as owning a recently opened distribution centre in Yatala (Qld). It has a 150-strong dealer network underpinning its core brands.
MotorCycle Holdings director and founder, David Ahmet, said the acquisition of the Mojo Group (incorporating Mojo Motorcycles plus a smaller electric arm) made strategic sense.
“We believe the acquisition of the Mojo Group will present significant growth opportunities by introducing the importation and distribution of motorcycles, ATVs and scooters into our current product offering, increasing our warehouse capacity and expanding our distribution network.
The Mojo Group was founded by Poynton and Carter in the early 2000s when they were still at university, and has now parlayed into an Australian success story as the largest privately owned motorcycle distributor in Australia in terms of units wholesaled.
Chinese brand CFMOTO has been the mainstay of that growth, particularly in the ATV farm segment where it is now the dominant marque. In 2021, Mojo sold its 30,000th CFMOTO in Australia.
As well as Sherco and Kymco, other marques under the Mojo Group umbrella are UTV manufacturer Landboss as well as scooter brands Lambretta and Italjet.
In the last financial year, total revenue for the Mojo Group was $124.2 million, with about 35 employees supporting Mojo’s warehousing, administrative, dealer, marketing and communication functions.
Mark ‘Mav’ Fattore has been hanging around the motorcycle scene longer than he can remember, but still struggles to contain his two-wheel exuberance. He also eats like a bull-at-a-gate, which is why he once swallowed the prong off a plastic fork stuffing down Chinese takeaway during a frenetic magazine deadline. The digital space is a safer haven, and he’ll turn his writing hand to anything.
