Currie Technologies announced today that Accell Group N.V. has completed acquisition of Currie Technologies. Currie Technologies, based in Chatsworth, CA., is the market leader in electric bicycles (e-bikes) in the United States where the market is still in its infancy.
“Currie Technologies is an excellent investment for us in e-mobility in the United States,” said René Takens, CEO of Accell Group. “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. With this acquisition we strengthen our market position and improve our execution power in the fast growing market of electric two wheelers in the US. We look forward to assisting Currie Technologies to grow the market in the United States through a developing network of specialist retailers.’’
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 recent market developments in Europe. The current market for e-bikes in the US is estimated to be 50,000 units. It is expected that this number will rapidly increase in the coming years.
“I am very excited about the acquisition by Accell Group,” said Larry Pizzi, president of Currie Technologies. “This transaction will bring Currie Technologies access to Accell’s advanced technological and supply chain resources, financial stability and their significant experience in establishing e-bikes in their markets. Currie is planning on building and expanding awareness here in the US while developing the independent bicycle dealer (IBD) channel with the most comprehensive, best-in-class dealer support. We expect to see steady growth based on increased exposure and new dealer interest in the category during 2012 and wish to ensure our existing dealers that they will see our business operations continue as usual and improve over time. With the experience Accell Group has in developing this market in Europe under very similar conditions, I am confident that Currie and our dealers are poised for significant growth.”
Accell Group is active internationally in the mid-range and higher segments of the market for bicycles, bicycle parts & accessories and fitness equipment. The group is market leader in Europe in the bicycle market. The market approach is based on the key concepts quality, innovation and recognizable added value. For consumers this means a broad and strong portfolio of brands, including international top brands and well-known national brands, often with a long history. Accell Group operates close to the market and largely because of its high added value and numerous innovations, sells primarily via the specialist retail trade.
Accell Group’s best known brands are Batavus, Koga, Sparta, Winora, Hai Bike, Ghost, Lapierre, Atala, Redline, Tunturi en XLC. The company has production facilities in the Netherlands, Germany, France, Hungary and Turkey. Accell Group shares are traded on the official market of the NYSE, Euronext in Amsterdam and included in the Amsterdam Small Cap Index (AScX).
Accell Group recorded turnover of € 577.2 million in 2010, compared with € 572.6 million in 2009, and net profit of € 36.4 million, compared with € 32.7 million in 2009. Turnover is distributed across the company’s keys markets as follows: the Netherlands (39%), Germany (25%) and France (9%). Other European countries, including Belgium, Denmark, Finland, Austria, Spain and the United Kingdom, account for 19% of turnover. The remaining 8% of turnover comes from countries outside the Europe including the US and Canada.
