Accell Group CEO, Ton Anbeek, leaves post

It is being reported by Dutch cycling industry media outlets that Accell Group CEO, Ton Anbeek, has left the business.

Mainstream media reports from FD.nl, cited by nieuwsfiets.nu, highlight that Anbeek left the business at the end of March, with “Juan de Ochoa, one of the partners at investment firm, and co-owner KKR, now assuming the role of interim chairman of the board of directors, temporarily taking over Anbeek’s tasks.”

Bike Europe, also citing FD.nl as the source, highlight that, “The departure of Anbeek comes almost eight months after the takeover by the investment companies KKR and Teslin who paid €1.56 billion for the bicycle manufacturer.”

Further, Bike Europe highlights that, “Accell confirmed Anbeek’s departure on Tuesday, which the Dutch financial newspaper fD reported, stating that Anbeek himself had decided to step down as CEO and leave the company.”

The Accell Group is the parent to Haibike, Winora, Ghost, Batavus, Koga, Lapierre, Raleigh, Sparta, Babboe and Carqon.

In 2022 the business was acquired by global investment firm KKR (NYSE: KKR). The deal saw KKR make a January 2022 all cash offer of €1.56 billion, or of €58 per share, representing a 26% premium, more than 20% the firm’s prior all time high valuation. In June of that year KKR broke the 95% share threshold, confirming it would take Accell Group private.

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 channelled into its acquisition of Dorel Sports.

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.