Accell Group N.V. said it has completed the purchase of all issued shares in Raleigh Cycle Limited in a deal that dramatically bolsters the Dutch company's market share in North America and the United Kingdom for bicycles and bicycle parts & accessories.
Accell Group has received approval of the competition authorities and in addition all other conditions for closing of the transaction have been fulfilled. Accell Group said in April it would spend about $75 million buying the shares, which give it 80 percent control of Raleigh.
Raleigh’s best known brands are Raleigh, Diamondback and Avenir. The company operates through production and distribution companies in the United Kingdom, the United States and Canada along with worldwide licensing activities and a sourcing company in Asia. Raleigh employs approximately 430 employees. Raleigh expects to realize annualised revenue of approximately €200 million.
Geographically revenues are split between Europe (43%), North America (48%) and the rest of the world (9%). Across the globe, Raleigh sold approximately 850,000 bicycles in 2011.
Accell Group is active internationally in the mid-range and higher segments of the market for bicycles, bicycle parts & accessories and fitness equipment. The group is the European market leader in bicycles, but largely unknown to U.S. consumers. The company generated sales of $817 million in 2011 with 34 percent coming from the Netherlands, 28 percent from Germany, 9 percent from France, 20 percent from rest of Europe including the United Kingdom and 9 percent from the rest of the world.
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