German investment fund Mutares said Wednesday it had acquired French bike-maker Peugeot Motocycles, with the current owner, Indian group Mahindra, retaining a minority stake.

Mahindra had in late 2019 purchased the 49 percent it did not previously own from the PSA Group for an undisclosed sum.

Mutares, a listed private equity holding company, said it had "successfully completed the acquisition of 50 percent equity and a controlling stake of 80 percent in Peugeot Motocycles (PMTC) from Mahindra & Mahindra (M&M).

"M&M will remain a co-shareholder to support new product launches and the strong growth expected in the coming years," the fund said without giving financial details.

Peugeot Motocycles designs and manufactures two- and three-wheel motorcycles distributed through 3,000 points of sale by subsidiaries, importers, and dealers in France and internationally on three continents.

The firm, boasting revenues of around 140 million euros ($152 million), owns its manufacturing facility at Mandeure, France, in a joint venture with China's Jinan Qingqi Motorcycle.

It also has manufacturing partnerships in Asia, notably THACO in Vietnam.