Accell Group has reached an agreement to acquire all the shares in Spanish company Comet S.L. Comet.
Based in Urnieta, near San Sebastián, Comet is a player in the Spanish market for bicycle P&A, with an extensive network in its home market and 'significant market positions' in France and Portugal.
Comet has exclusive P&A distribution agreements with numerous brands and sells ]only to the specialist retail trade in Spain, France and Portugal. The current management will remain in place until successors can be found and Accell will invest in sales systems and internal logistics to support Comet’s growth.
“Comet is our first acquisition in Spain, a market where we have been looking for some time for a good partner to extend Accell Group’s European distribution network for parts and accessories," said CEO of Accell Group, René Takens. "Comet is a major player, with the number one position in the Spanish market and is therefore an excellent fit with our acquisition strategy. The acquisition offers good synergy potential in terms of brand portfolio, sales systems and internal logistics. There are sufficient signs that the Spanish economy is starting to recover, which is resulting in a growing demand for bicycles, and consequently also for parts and accessories.”
According to Accell, the European market for bicycle parts and accessories is a growth market with a clear trend towards consolidation because suppliers appreciate the added value of being able to do business with one player to organise all their distribution in the region’s main sales markets.
"The Accell Group companies already have strong positions in the Benelux, Germany, France, Italy, Finland, Sweden, the United Kingdom, Switzerland, Austria and Turkey. The acquisition of Comet gives Accell Group the number one position in the Spanish market and adds a significant market position in Portugal. It also significantly boosts Accell Group’s existing market position in France."
Comet employs 60 people across its two operating companies and generates annual turnover of around € 27 million.