Accell Group N.V. sold its 22% stake in Derby Cycle AG to Pon Holdings at a price of €28 per share, or a profit of €17 million ($23mm).


On Sept. 21, Pon Holdings announced its intention to make a public offer for all outstanding shares of Derby Cycle. The agreed price of €28 per share for Accell Group’s stake in Derby Cycle equals the price of the intended public offer.


Derby Cycle, which only went public in February, holds the largest share of the German bicycle market. Last month, the company negotiated a friendly merger with Pon to head off a potential hostile take over by Accell after the Dutch company upped its holdings in Derby from 6 to 22 percent.


Accell 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.