Accell Group has today announced that it has received a “a non-binding, conditional proposal from Pon Holdings to combine Accell Group with its own bicycle activities.”
Accell say the announcement has been made in ‘anticipation of market rumours’ and is studying the non-binding 32.72 euro per share (including the proposed 2016 dividend of €0.72) proposal as part of ‘exploratory discussions with Pon Holdings’.
The Group sold around 1.5 million bicycles last year and is home to Haibike, Ghost, Winora, Lapierre, Raleigh and Diamondback. Net turnover increased by 6% to €1.05 billion on the back continuing increased demand for electric bikes in 2016. On announcing the company’s results for last year, RenTakens, Accell Group’s CEO said: “For the first time in its history, Accell Group realised turnover in excess of €1 billion. One of the main drivers of this turnover record was the constantly growing contribution from e-bikes and bikes in the higher segment of the market in particular. We are clearly benefitting from our leading position in the field of e-bikes, which recorded turnover growth of 33% and now represents 41% of our total turnover. Turnover in e-performance bikes increased by 70% in the year under review.”
Dutch company, Pon Holdings, already has strong interests in the transportation section. Alongside car brands such as VW, the company owns several bicycle brands including Gazelle, Cervelo, Santa Cruz and Derby Cycle. Merging the two companies and their respective bicycle brands would create a dominant position to enable further exploitation of the growing electric bike market.
“After a detailed assessment of the strategy and performance of Accell Group, Pon Holdings has concluded there is an excellent strategic fit between the bike activities of both companies with benefits for all stakeholders. The combination results in the world’s leading global bicycle company,” Pon has said in a statement.
Accell cautioned: “There can be no assurance any transaction will result from these discussions. Further announcements will be made if and when appropriate.”