(Press Release)
Accell Group N.V. has announced that it is considering making an offer for the bicycle division of the American/European company Cannondale, which has been granted a suspension of payments. This worldwide renowned brand generates annual sales of USD 135 million, 40% of which is achieved in Europe. In the United States, Cannondale is the second-largest bicycle brand in the specialised trade.
Cannondale would be an excellent addition to Accell Group?s brand portfolio. With its ongoing innovation and technological renewal, this strong brand fits in well with Accell Group?s brand strategy. Not only the increase in sales, but also the geographic expansion would make it possible for Accell Group to leverage synergy advantages through the group.
The company Cannondale Corporation has run into difficulties through the development, production and sale of motorbikes, resulting in a suspension of payments and the sale of all assets. After having studied the company information, Accell Group will make a decision whether or not it will make an offer for the bicycle-related assets.
With respect to the possible acquisition of Cannondale, Ren?akens, Chairman of the Board of Accell Group, commented: ?If we get to the point that we will acquire Cannondale, then Accell Group will become one of the most important suppliers of bicycles in the world, with strong positions in Europe and the United States. Cannondale is therefore a perfect fit for Accell Group. We are always looking for suitable takeover candidates. An important condition in this respect is that the company must be highly regarded with a strong brand and a solid market position. Both of these apply to Cannondale; it is an internationally known premium brand with an excellent reputation.?
Profile of Accell Group N.V.
Accell Group is a European group of companies, active in the design, production, marketing and sale of bicycles and bicycle accessories. Bicycles of the brands Batavus, Be-One, Hercules, Koga-Miyata, Lapierre, Loekie, Mercier, Sparta, Staiger and Winora are sold mainly via the bicycle retail specialists? channel.
Accell Group has subsidiary companies in the Netherlands, Germany, France and Hungary. Bicycles and bicycle accessories are sold in the Netherlands, Germany, France and other countries such as Belgium, Austria, Denmark and Switzerland.
Accell Group is the second-largest bicycle group in Europe in terms of turnover. Accell Group shares are traded on the official market of Euronext Amsterdam N.V.
For further information:
Accell Group N.V.
Ren?akens, Chairman of the Board, tel.: +31- (0)513-638701
Website: www.accell-group.com
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