Brentwood-based Summit Strategic Investments has acquired Segway Inc. for an undisclosed sum.
In a release, SSI said its plans to refocus the Segway brand by growing its product portfolio and expanding its worldwide network.
Segway, founded in 2001 and known for its zero-emissions, two-wheeled personal transportation vehicles, has been based in Bedford, N.H. The release did not note from what city the company will operate now that SSI is the owner.
“SSI has a 15-year record of investing in solid companies with strong brands that offer the market true value,” said Roger Brown, Segway’s newly appointed president and CEO of Segway. “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.”
Josh Sutherland with Pitts and Eckle and Angle Advisors Investment Banking advised SSI in the transaction. The owners of Segway were represented by BDO Capital Advisors.
In a related move, Brown will donate some Segway Patrollers to the Nashville and Franklin mayors' offices.