Accell in exclusive talks to buy Raleigh

AMSTERDAM, Holland - Dutch cycling group Accell Group is in exclusive talks to buy Raleigh, the famous British bicycle manufacturer.

In a statement to the Dutch Stock Exchange, Accell said: "Accell Group N.V. announces that on the basis of a heads of agreement it is engaged in exclusive discussions with Raleigh Cycle Limited and its shareholders, which, if successfully concluded, could lead to the acquisition of Raleigh by Accell Group."

Accell Group’s best known brands are Batavus, Bremshey, Ghost, Haibike, Hercules, Koga, Lapierre, Loekie, Redline, Sparta, Staiger, Tunturi, Winora and XLC.

Raleigh was founded in Nottingham in 1890 and sold 850,000 bicycles in 2011, reporting revenues of £162 million. Its main operations are in the UK, United States and Canada, and their best known brands are Raleigh, Avenir, and Diamondback.

Accell Group's sales last year were 682 million euros and they have built up an estimated 100 million euro warchest for acquisition of cycling related assets. It is understood that they are particularly keen on adding to their expertise in the electric bicycle market, where they are currently considered weak.