July 02, 2013
Summit Strategic Investments, LLC Acquires Segway Inc.
Segway to Refocus, Grow Product Portfolio and Drive Personal Transportation Innovation Worldwide
Bedford, N.H. – 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.”
Summit Strategic Investments, LLC was advised by Josh Sutherland with Pitts and Eckle P.C. and Angle Advisors Investment Banking. The owners of Segway Inc. were represented by BDO Capital Advisors, LLC.
Segway Inc., based in Bedford, New Hampshire is the world’s leading provider of personal electric transportation. The Company also develops a comprehensive line of Robotics Mobility Platforms. Its international network currently includes more than 250 distributors, dealers and experience centers in 80 countries. For additional information about Segway, please visit www.segway.com.