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Accell Group, a Dutch bicycle company also with several fitness equipment brands such as Tunturi and Bremshey, announced that is has reached an agreement to acquire all shares in Currie Technologies.
Based in Chatsworth, Calif. Currie Technologies is a U.S. market leader in e-bikes and mini e-scooters for everyone, young and old, and has an extensive distribution network in the United States. Accell Group will finance the acquisition from its own resources.
René Takens, CEO of Accell Group: “Currie Technologies is an excellent investment for us in e-mobility in the United States. More and more Americans discover the bicycle as an alternative way of transportation. With its self-developed and high-quality 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 own American brand SBS, as well as our other brands. Currie also has an interesting portfolio of global IP-rights, which 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 fast growing market of electric two wheelers in the U.S.’’
The current e-bike market in the United States is still in its infancy compared to Europe. 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. The current market for e-bikes in the U.S. is estimated to be 50,000 units. It is expected that this number will rapidly increase in the coming years.
Larry Pizzi, President of Currie Technologies: “Accell Group brings significant expertise and resources to assist Currie Technologies in our quest to build and expand awareness in the U.S. market for electric bicycles, while developing the independent bicycle dealer (IBD) channel. With a broadrange of exciting new products for 2012, we expect to see a significant expansion of distribution based on new dealer interest in the category.”
Currie Technologies has 40 employees and an annualized turnover of approximately $20 million. Accell Group will invest in marketing and technology in order to support the growth of Currie Technologies. It is expected that the company will contribute to Accell Group’s earnings per share within two years. Consolidation will take place as of Jan 1., 2012.