EV Technology Group has bought the majority shareholding in Moke International, makers of the reborn 1960s Mini Moke car.
The company says the deal is valued at $55.1m (circa £46m) in cash and stock, and it’ll own approximately 65 per cent of Moke International with an option to acquire up to 100 per cent of the remaining shares.
The deal comes two months after Moke International launched a pure-electric version of the Moke.
Wouter Witvoet, CEO of EV Technology Group, said: ‘EV Technology Group’s mission is to revitalise iconic brands and rediscover the joy of motoring in an electric age.
‘This applies brilliantly to Moke International, as it forms the perfect start to EV Technology Group’s strategy to acquire heritage brands that have a loyal following and substantial brand equity.
‘I am looking forward to helping the business expand as it enters new markets, especially in the USA. Moke International has a superb future and EV Technology Group has the capabilities to support it every step of the way.’
Isobel Dando, CEO of Moke International, added: ‘I am proud and excited that Moke International is becoming part of the EV Technology Group.
‘It is the perfect company to take our rapidly growing business to the next level with the right balance of expertise, investment and ambition.
‘EV Technology Group’s in-house expertise and customer-centric technologies will also be invaluable to us as we continue to develop the Electric Moke and more pioneering products.
‘I am also looking forward to working closely with Wouter and the entire EV Technology Group leadership team to further develop Moke International and other exciting brands to come.’
The Moke Electric follows on from the petrol-powered Moke, which was revealed in October 2020.
The electric version will be able to travel up to 89 miles, and a full charge will take a claimed four hours via a Type 2 charging port. Prices start at £29,150.
Dealer group Hendy remains the UK’s sole distributor and currently offers the petrol-powered Moke from dealerships in Poole and Exeter.
According to its website, Hendy is taking orders for the electric Moke with deliveries expected this summer.
Speaking on the Car Dealer Podcast recently, Hendy boss Paul Henry said: ‘Moke is a bit of fun – it takes you back in time.
‘We do extremely well with it – they’re small, modest numbers of course – but it’s nice to do something a little different, and we’re selling them to people all over the country.’
You can listen to the full podcast below.
The Moke is a modern interpretation of the classic Mini Moke built by British Motor Corporation in the 1960s.