Accell Group, the owner of Nottingham brand Raleigh, and a consortium led by global investment firm KKR have reached a conditional agreement for the purchase of the former for a total consideration of approximately EUR 1.56bn (£1.31bn).
Other well‐known bicycle brands in Accell Group’s portfolio include Haibike, Winora, Ghost, Batavus, Koga, Lapierre, Sparta, Babboe and Carqon. Accell Group employs approximately 3,100 people across 15 countries.
The deal values the Netherlands-based bicycle, bicycle part and accessory-maker’s shares at EUR 58 (almost £49) per share.
No jobs are expected to be lost in the deal.
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.”
Accell Group acquired Raleigh in 2012 for £62m.
