KKR leads buyout of Dutch bike maker Accell

Two investment funds, led by US-based KKR, are set to buy Dutch firm Accell, the self-proclaimed leader in electric bikes in Europe, for 1.6 billion euros ($1.8 billion), the companies said Monday.

The acquisition, which is still subject to the customary approvals, should be finalised around the summer, Accell, KKR and Teslin — the biggest shareholder with a stake of 10 percent — said in a joint statement.

The move “marks an important step for Accell,” said the group’s chief executive, Ton Anbeek.

“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 road map, enhance our global footprint, explore suitable acquisitions, and further leverage our scale,” he said.

The deal values Accell’s equity at EUR58 per share, a premium of 26 percent over the closing price on Friday.

In 2020, Accell — which owns brands such as Raleigh, Sparta, Koga and Ghost — sold around 900,000 bikes worldwide.

It has factories in the Netherlands, Germany, Hungary and Turkey. Overall it employs 3,100 people in 15 countries.

According to joint statement, Accell’s will continue to be headquartered in Heerenveen, northern Netherlands, and there would be no consequences for employees.

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