Industrial-vehicle provider Goldbell to acquire electric-car sharing firm BlueSG

Bloomberg
Bloomberg2/8/2021 9:52 AM GMT+08  • 1 min read
Industrial-vehicle provider Goldbell to acquire electric-car sharing firm BlueSG
Goldbell says it plans to invest more than $70 million into the business over the next five years.
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Goldbell Group, Singapore’s largest industrial-vehicle provider, said it plans to acquire electric-car sharing startup BlueSG Pte for an undisclosed amount.

Goldbell plans to invest more than $70 million into the business over the next five years after the deal gets completed around August, the closely held company said in an emailed statement on Friday. The funds will be used to add vehicles and establish a research and development centre. BlueSG will serve as Goldbell’s global headquarters for car-sharing, it said.

BlueSG is a subsidiary of French company Bollore Group that launched in 2017 as part of a national car-sharing pilot program in Singapore. It currently has a fleet of more than 650 electric vehicles. Goldbell distributes and leases industrial vehicles such as trucks and vans.

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