Group buys second bike firm in a month and promises investment for the California-set Izip owner
Accell Group has reached an agreement to acquire all shares in California-based Currie Technologies.
Accell Group is to finance the acquisition from its own resources and comes days after the group snapped up Van Nicholas for an undisclosed sum.
Currie Technologies develops and distributes hybrid electrically powered bikes and e-steps for all ages, its brands including I-ZIP and E-ZIP.
Currie Technologies is one of the leading suppliers of e-bikes and e-steps (mini e-scooters) in the United States. The company distributes its products via superstores as well as specialist bike shops, has 40 employees and an annual turnover of approximately $20 million.
"Currie Technologies is an excellent investment for us in e-mobility in the United States," explained René Takens, Accell Group CEO. "More and more Americans discover the bicycle as an alternative way of transportation. With its self-developed electric two wheelers Currie Technologies meets the growing market for eco-friendly and affordable alternatives of transportation. The acquisition provides good synergy opportunities with our other activities in North America.Article continues below
"In addition, Currie has an interesting portfolio of IP-rights which also offers opportunities in other markets and countries in which we are active. With this acquisition we strengthen our market position and improve our execution power in the US market for electric two wheelers.’’
The current market for e-bikes in the US is estimated to be 50,000 units, trailing the continental European e-bike market. Expectations of the Light Electrical Vehicle Association (LEVA) are that the e-bike market in the US will show growth in the short to medium term comparable with the recent market developments in Europe.
Accell said it will invest in marketing and technology in order to support the growth of Currie Technologies and that consolidation will take place as of January 1st 2012.