A consortium led by KKR, a leading global investment firm, is set to purchase leading European bike firm Accell Group in a deal valued at approximately €1.56 billion. Subject to regulatory approval, the move will see Accell Group become a privately owned company.
Accell Group employs approximately 3,100 people across 15 countries. Its brands include Raleigh, Lapierre, Haibike, Winora, Ghost, Batavus, Koga, Sparta, Babboe and Carqon. XLC is its brand for bicycle parts and accessories.
A release stated that… ‘the consortium and Accell Group believe that having the group operate in a wholly-owned set up without a listing on Euronext Amsterdam is better for the sustainable success of its business and long-term value creation.’
Under the deal, Accell Group’s existing management board, including CEO Ton Anbeek, will continue to lead the group.
Rob ter Haar, Chairman of the Supervisory Board of Accell Group, said “The Supervisory Board unanimously supports the transaction and recommends the offer by the consortium, which we believe will promote the sustainable success of Accell Group.
“The offer reflects a compelling and immediate value for our shareholders. Having the consortium as a strong shareholder focused on long-term value enhancement will enable Accell Group to grow its business in an accelerated timeframe and to strengthen its position as one of the world’s leading bicycle market players, against the backdrop of continued supply chain volatility and a dynamic global environment full of challenges and opportunities.”
Ton Anbeek, CEO of Accell Group, said “Today’s announcement marks an important step for Accell Group. With the consortium as our new shareholder we will have a financially strong and knowledgeable partner to accelerate the roll-out of our existing strategic roadmap, enhance our global footprint, explore suitable acquisitions and further leverage our scale.
“As such, the transaction will enable us to take a leap forward as a group which also brings along enhanced career opportunities for our employees. We continuously strive to be a leader in the bicycle industry by combining smart design and innovative technology with the best value and customer experience. With KKR coming on board as majority shareholder, and with the continued support of Teslin, we would be able to accelerate the execution of our strategic agenda, launch new innovations for green mobility and support to the benefit of people and communities.”
Daan Knottenbelt, Partner, Head of Benelux at KKR, added “With Accell Group, the consortium is committed to further developing the Netherlands as the global capital of cycling by building on the company’s leading position in the European e-bike market and continuing to grow its strong heritage brands.
“This investment in Accell Group would build on KKR’s significant experience of investing in the Netherlands. KKR has the capabilities to support high quality Dutch businesses to accelerate their domestic and global growth ambitions, and to overcome challenges such as those Accell Group faces in the competitive global bike market.”
www.accell-group.com
www.kkr.com
