Cowen advises Pinion on the sale of the majority to BRP

Cowen is enthusiastic to announce that we advised Pinion on this transaction. In line with the strong growth of Pinion GmbH and a future-oriented product development strategy, the Stuttgartbased transmission specialist for bikes gains the Canadian group BRP (Bombardier Recreational Products Inc.) as a strategic partner. With this step, BRP becomes the new majority shareholder, alongside the founders and managing directors of Pinion GmbH.

“Beyond our existing powersports and marine products, we are expanding our addressable market and entering untapped categories such as urban mobility and services,” said José Boisjoli, President and CEO of BRP. “This acquisition is strategic for us as it enables BRP to leverage Pinon’s unique, state-of-the-art technology in order to spur the development of new electric human assisted products. We are pleased to welcome the Pinion team.”

Christoph Lermen, co-founder and managing director of Pinion GmbH, added: ” BRP’s culture of relentless innovation and focus on R&D mirrors our own. We are proud to join such a respected company and look forward to breaking new ground with them. Together, we will continue providing class-leading Pinion gearbox technology to our 100+ valued bicycle manufacturers while at the same time expanding our offering and developing next-generation drive solutions. I thank the Cowen Team for their tremendous work in this transaction. They demonstrated an in-depth understanding of our technology and our market, orchestrated a competitive process until the end and delivered an excellent result for the company and the shareholders.”


Pinion was founded in 2008 by two former Porsche engineers, Christoph Lermen and Michael Schmitz. Their vision was to build “a bicycle gearbox with the heart of a sports car”. The fully sealed manual transmission combines the best of automotive and bicycle technologies to deliver unparalleled drivetrain performance and reliability. Pinion transmissions are centrally integrated into the bicycle, robust, low-maintenance and virtually wear-free, and tested in the world’s toughest conditions. Pinion has won multiple product and design awards for its technically innovative gear systems.

Every Pinion gearbox is “Made in Germany” – development, design, engineering, series production, sales and service all take place at the company’s modern headquarters in Denkendorf, near Stuttgart. The team comprises over 60 permanent employees. Pinion supplies over 100 well-known bicycle manufacturers worldwide and is represented by a Europe-wide dealer network with over 600 support points.


We are a global leader in the world of powersports products, propulsion systems and boats built on 80 years of ingenuity and intensive consumer focus. Our portfolio of industry-leading and distinctive products includes Ski-Doo and Lynx snowmobiles, Sea-Doo watercraft and pontoons, Can-Am on and off-road vehicles, Alumacraft and Quintrex boats, Manitou pontoons and Rotax marine propulsion systems as well as Rotax engines for karts and recreational aircraft. We complete our lines of products with a dedicated parts, accessories and apparel portfolio to fully enhance the riding experience. With annual sales of CA$7.6 billion from over 120 countries, our global workforce includes close to 20,000 driven, resourceful people.