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Foreign Investments Europe Accell pays 60 million Euros for Raleigh bicycle brand
Accell pays 60 million Euros for Raleigh bicycle brand
It had been on the cards for a while, but the bicycle manufacturer Accell from Heerenveen is now set to take over the Raleigh bicycle brand. The takeover costs 60 million Euros. The total value of Raleigh is estimated at 78 million Euros, including debts.
The takeover, which is still to be approved by the German competition authorities, should take place at the end of May. Accell, well-known for its Batavus and Sparta bicycles, will borrow a sum from Rabobank and issue two million shares in order to finance the takeover.
Raleigh is originally a British company, and has branches in the UK, the US and Canada. The company has 430 employees and last year had a turnover of 195 million Euros. To achieve this, the company had to sell 850,000 bicycles. The takeover means that Accell will strengthen its position in North America and the UK.
Source: Leeuwarder Courant, April 27, 2012
Source: Leeuwarder Courant, April 27, 2012