Raleigh, one of the UK’s best-known brands, has been sold to Netherlands-based Accell Group for €60 million.
Accell said the acquisition of Raleigh adds well-known global brands to its portfolio, further strengthening its position in North America and the UK in the markets for bicycles and bicycle parts & accessories.
Raleigh’s best-known brands are Raleigh, Diamondback and Avenir. The company operates through production and distribution companies in the UK, the US and Canada, along with worldwide licensing activities and a sourcing company in Asia.
Accell’s best-known brands are Batavus, Koga, Sparta, Winora, Hercules, Hai Bike, Ghost, Lapierre, Atala, Redline, Tunturi and XLC. The company has production facilities in the Netherlands, Germany, France, Hungary and Turkey.
Commenting, René Takens, chief executive officer of Accell Group, said:“We are very pleased with the acquisition of Raleigh, another milestone for our company. Acquiring Raleigh adds a strong traditional and global brand with a rich heritage to our brand portfolio and with the Diamondback brand we strengthen our position in the mountain bike and BMX segment.
“We also strengthen our position in bicycle parts & accessories in North America and the United Kingdom improving Accell Group’s global competitiveness in this field. The acquisition will expand our activities to new geographical markets while benefiting from purchasing advantages through increased economies of scale. We have great confidence in Raleigh’s management team and will fully support future growth of Raleigh within our group.”
Alan Finden-Crofts, chief executive officer of Raleigh, added: “I am delighted with the conclusion of the sale of Raleigh to Accell Group. As talks progressed with the various interested parties earlier this year, Accell Group emerged as the clear preferred buyer for the business, given the highly complementary product range and geographic presence of the two businesses.
“In Raleigh, Accell Group is acquiring a true global brand with 125 years of heritage and distribution into over 140 countries worldwide and I am entirely confident that Raleigh has found the ideal buyer to support the employees, customers, suppliers and the future growth of the business.”
The closing of the acquisition is subject to approval of German competition authorities and is expected to occur at the end of May 2012.
