Manufacturer of electric bikes


Founded in 2011 by Emmanuel Antonot and Grégory Sand near Epinal, in the Vosges (eastern France), Moustache Bikes very quickly became the French market leader in premium electric bikes, as well as a major player at European level.

The company designs, develops, assembles and distributes to specialist stores in France and abroad (with exports accounting for nearly half of total sales) a range of electric bikes, recognized for their uniqueness, style, comfort, quality and ergonomics, both in urban environments and off-road.

The company has enjoyed solid growth from the beginning. It generated revenue of more than €50 million in 2018 with its 80-strong team.

Initiative & Finance teamed up with Emmanuel Antonot and Grégory Sand in late 2015 as part of an OBO that enabled the two founders to continue Moustache's rapid growth with peace of mind, accompanied by a professional investor. Between 2015 and 2018, revenues almost quadrupled. The company has undergone profound change, developing from an SME into a middle-market firm.

In early 2019, the founders and Initiative & Finance jointly decided to move on and find a new backer in LBO France, which joined the firm as a majority shareholder.

Investment date


Turnover at acquisition


Type of investment


Changes in the number of employees

24 to 95


Grand Est

Sector of activity

Consumer Goods

Associated Team

Matthieu Douchet

Matthieu Douchet


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François Golfier

François Golfier

Investment Manager

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