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Accell Group confirms 2017 outlook as discussions with Pon continue

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Leading European bike operator Accell Group has announced that turnover in the first months of 2017 is at the same level as in 2016. The company noted that ‘trends seen in the past year have continued as expected’ with sales of e-bikes up and sales of city and kids bikes down. Based on these developments, Accell Group has confirmed its full year 2017 outlook of an ‘increase in turnover and operational results, barring unforeseen circumstances’.

On 11 April 2017, it was announced that Accell Group received a non-binding and conditional proposal from Pon Holdings for issuing an offer for all Accell Group shares. In order to be able to thoroughly assess this proposal, ‘exploratory discussions are [being] held with Pon Holdings’. The Supervisory Board and Executive Board, together with their financial and legal advisors, are ‘carefully reviewing all aspects of Pon Holdings’ non-binding proposal’.

Accell Group added that it will take into account the interests of all stakeholders… ‘There can be no assurance any transaction will result from this proposal and the ongoing discussions. Further announcements will be made if and when appropriate.’

In addition, Accell Group announced that, after its Annual General Meeting of Shareholders, the Supervisory Board intends to appoint Hielke Sybesma, CFO of Accell Group, as interim CEO and interim Chairman of the Executive Board of Accell Group. Sybesma will combine his interim role with his current role as CFO. As announced on 9 February 2017, René Takens will resign as CEO and Chairman of the Executive Board after the Annual General Meeting. He remains involved with Accell Group as advisor.

Ab Pasman, Chairman of the Supervisory Board said “We are grateful to René for his significant contribution to the development and growth of Accell Group in the past 18 years. He joined in 1999 shortly after the listing when Accell Group was a company with 750 employees and turnover of €150 million. Under his leadership, the company has grown into a leading multinational and Europe’s largest bicycle manufacturer, with 3,000 employees and revenue of more than €1 billion. As such, he and his team were largely responsible for the international success of the e-bike.”

In 2016, Accell Group sold around 1.5 million bicycles and recorded profitable turnover of over €1 billion.

Accell Group and its subsidiaries employ approximately 3,000 people in 18 countries worldwide. The company has production facilities in the Netherlands, Germany, France, Hungary, Turkey and China. Accell Group products are sold in more than 70 countries. The company’s head office is located in Heerenveen (the Netherlands). Accell Group shares are traded on the official market of Euronext Amsterdam and are included in the Amsterdam Small Cap index (AScX).

Accell Group focuses internationally on the mid-range and higher segments of the market for bicycles and bicycle parts and accessories. The company claims leading positions in the Netherlands, Belgium, Germany, Italy, France, Finland, Turkey, the United Kingdom and the United States. In Europe, measured in turnover, Accell Group is a market leader in the bicycle market.

Accell Group’s best known brands are Haibike (Germany), Winora (Germany), Batavus (Netherlands), Sparta (Netherlands), Koga (Netherlands), Lapierre (France), Ghost (Germany), Raleigh and Diamondback (UK, US, Canada), Tunturi (Finland), Atala (Italy), Redline (US), Loekie (Netherlands) and XLC (international).




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