Titanium bicycle and frame builder to fall under management of Koga subsidiary
The Accell Group has acquired titanium bicycle and frame specialist Van Nicholas for an undisclosed sum.
The Dutch firm will now fall under the management of Accell Group’s subsidiary Koga. The buyout was financed by Accell's own funds and will immediately begin to influence a positive contribution to its earnings per share.
René Takens, CEO of Accell Group said: "Van Nicholas and Koga are in a similar phases of growth in an attractive high-end market segment. Koga will develop and lead the rollout of Van Nicholas’s international strategy. The acquisition additionally provides valuable know-how which we can deploy in r&d across the whole group. Van Nicholas is a high-end niche player which has grown swiftly in recent years to a turnover of several million euro’s with very healthy margins. The company is an excellent fit with our portfolio and strategy.’’
The Van Nicholas bicycle brand will retain its own branding and identity.
Jan-Willem Sintnicolaas, founder and owner of Van Nicholas added: "I am very pleased with this deal, as it also enables me to fully focus on what I am really good at: developing appealing titanium frames and bicycles.We have grown fast in the last few years in which I have spend a lot of time on management tasks. The acquisition ensures a long-term commitment between the brand and myself. For years, Accell Group proves to be the frontrunner in logistics and in the development of branding and marketing of high quality bicycles. With Koga there is a perfect match.”
Koga aside, the Accell Group also owns the rights to Batavus, Sparta, Winora, Hai Bike, Ghost, Lapierre, Atala, Redline and Tunturi en XLC.
The Accell Group recorded turnover of €577.2 million in 2010, with a net profit of €36.4 million. 92 per cent of Accell's turnover is done within Europe at present.