Summit Strategic Investments, a $120m private equity fund controlled by China-based automotive parts manufacturer Wanxiang Group, has acquired Segway, a Bedford, New Hampshire-based provider of personal electric transportation, for an undisclosed sum.

The company’s network currently includes more than 250 distributors, dealers and experience centers in 80 countries. The deal marks the company’s second take-over in under a decade.

As part of the acquisition, 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, Segway’s Chief Operating Officer. “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…

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