Accell Group said it will increase its minority stake in newly public Derby Cycle AG to approximately 22 percent.
Accell Group has acquired some shares on the open market, where Derby's share have traded lower recently. In addition, Accell Group has reached agreement with a third party to acquire a significant stake in Derby Cycle. These increases combined lead to a total stake of approximately 22 percent.
As stated in April, Accell Group appreciates the strong development of Derby Cycle and recognizes the underlying positive trends and successful strategy of the company. This was also confirmed in the recent publication of the Q3 figures in which Derby Cycle showed strong growth of both sales and net profit.
The investment offers Accell Group the opportunity to further participate in the future growth of Derby Cycle. Currently there are no discussions with Derby Cycle on a strategic cooperation and/or public offer.
Accell Group finances the increase of its stake from an additional credit arrangement.