Buffett buys German motorcycle gear retailer

20th February 2015, Comments 0 comments

Warren Buffett is getting into motorcycle gear, snapping up a German retailer in a rare investment by his Berkshire Hathaway in Europe in recent years.

The acquisition of the privately held Detlev Louis Motorrad-Vertriebs was announced Friday by the company's legal counsel, Beiten Burkhardt.

The sole heir and widow of company founder Detlev Louis sold all the shares to Berkshire Hathaway after the seller approached the US firm, the law firm said

The deal was worth 400 million euros ($456 million), according to Bloomberg News.

Detlev Louis sells helmets, motorbike clothing and accessories in more than 70 stores in Germany and Austria, as well as online. The company's headquarters will remain in Hamburg, the law firm said.

Investment guru Buffett, the world's second-richest man, already had hinted in early February that he had eyes on Europe.

"We're probably going to buy a small business in Europe. But I'd love to buy big ones," he told FOX Business.

Buffett's company typically focuses on acquisitions in the United States.

In the automobile sector, Berkshire Hathaway announced in October it was buying the Van Tuyl Group, the nation's largest privately owned auto dealership and the fifth largest of all dealership groups, for more than $8 billion.

The storied investor also lent $303 million in 2009 to Harley-Davidson to help the stricken US motorcycle maker stay in business during the recession.

© 2015 AFP

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