Accell Group bought in €1.56 billion go private deal with KKR-led consortium
The Accell Group has this morning announced an all cash offer of €58 per share has been agreed upon in a deal with a consortium led by investment firm KKR and Teslin Alpine Acquisition.
Totalling €1.56 billion, the buyout represents a 26% premium on the closing price on Friday afternoon and more than 20% the firm’s prior all time high valuation.
Accell Group’s existing Board of Management, comprised of CEO Ton Anbeek, CFO Ruben Baldew and, per 1 February 2022, CSCO Francesca Gamboni, will continue to lead the Group, with the board unanimously agreeing to accept the offer. Accell Group’s two largest shareholders, Teslin and Hoogh Blarick, support the Transaction.
Ton Anbeek, CEO of Accell Group: “Today’s announcement marks an important step for Accell Group. With the Consortium as our new shareholder we will have a financially strong and knowledgeable partner to accelerate the roll-out of our existing strategic roadmap, enhance our global footprint, explore suitable acquisitions and further leverage our scale. As such, the Transaction will enable us to take a leap forward as a group which also brings along enhanced career opportunities for our employees. We continuously strive to be a leader in the bicycle industry by combining smart design and innovative technology with the best value and customer experience. With KKR coming on board as majority shareholder, and with the continued support of Teslin, we would be able to accelerate the execution of our strategic agenda, launch new innovations for green mobility and support to the benefit of people and communities.”
The Consortium now intend to take the company private, with the new ownership stating this will “enable Accell Group to accelerate the execution of its strategy in the coming years through further investment in long-term strategic growth initiatives, while also mitigating challenges brought about from supply chain volatility and rising inflation.”
Areas of focus will include innovation and brand development, supply chain management and distribution capabilities, international expansion, acquisitions and continued ESG integration, among other areas. KKR also intends to tap the experience and support of long-term Accell Group shareholder Teslin.
KKR investment track record has largely focused on the consumer sector and includes mobility investments such as the trainline, Lyft, Gojek, Zwift, Boots and Wella.
Previously, mobility rival PON held a 20% stake in Accell, which it sold in December of 2020, proceeds of which appear since to have been channeled into its acquisition of Dorel Sports recently.
Previously PON had tried to buy Accell, but was rebuffed with an offer of around €33 per share.
This story will be updated as we receive more information.
