Owner of Lapierre, Ghost, Haibike & More Bought in €1.56 Billion Deal

The Accell Group, owner of Lapierre, Ghost, Haibike, Raleigh & more, has been bought in a deal totalling €1.56 billion by a consortium led by the KKR Group.

KKR Group is an American investment firm with involvement in brands as wide ranging as Gibson guitars, Epic Games and Lyft alongside a number of pharmaceutical, energy, financial and property businesses. Accell will not be the first cycling brand in the group’s portfolio as it is also an investor in Zwift, following a $450 million funding injection it gave to the brand in September 2020 for a minority stake.

The Consortium will take the Accell Group private after reaching a conditional agreement of €58 per share, representing a total value of approximately €1.56 billion. This price is a premium of 26% over the closing price of Accell’s shares on 21 January 2022 and a premium of 21% to the Group’s all-time high closing price of €48.00 per share.

Accell Group will largely remain unchanged for now with CEO Ton Anbeek, CFO Ruben Baldew and CSCO Francesca Gamboni continuing in their roles from the Group’s headquarters in Heerenveen, Netherlands. A KKR press release also states that, “the Group’s corporate identity, integrity, values and culture will be maintained” and “all existing rights and benefits of the Group’s employees will be respected and no reduction of the workforce of the Group is envisaged as a direct consequence of the Transaction or completion thereof.”

bigquotes 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.Ton Anbeek, CEO, Accell Group

The KKR Group says it will be hoping to create a longterm strategy for Accell to “accelerate the growth and roll-out of the Group’s business strategy, including potential acquisitions,” as well as “launch new innovations for green mobility and support to the benefit of people and communities.”

More info, here.

Source link

Leave a Reply

Your email address will not be published.

Back to top button