Amsterdam (July 13, 2018) - Accell Group (i.a. Batavus, Sparta, Koga), the European leader in bicycles and bicycle parts has signed an agreement to acquire Velosophy, holding company of Babboe, Centaur Cargo, and CarQon. IMPROVED Corporate Finance acted as the exclusive advisor to Velosophy’s shareholders in this transaction.
Founded in 2005 and currently active in 22 countries, Babboe established a widely recognised bicycle brand, which stands for quality, innovation and affordable cargo bikes. To also serve the high-end market, CarQon will introduce a premium e-cargo bike later this year. In a rapidly growing urban transportation market, Centaur Cargo is serving the B2B market by running pilots with several large e-commerce players. The 14% indirect shareholding of Accell in Carver remains unaffected by the transaction.
Accell, as a partner for further international growth, has profound knowledge of the global bicycle industry and developed a good understanding of the business through its role as minority shareholder. After the acquisition by Accell, the mission of Velosophy remains unchanged: offering high quality, safe, sustainable, and affordable cargo bikes. Within the new structure, Velosophy will be responsible for the additional development of new urban mobility solutions.
“We are very pleased to intensify our collaboration with Accell, enabling us to continue growth and develop innovated urban mobility solutions”, said Epco Vlugt, CEO of Velosophy. Epco Vlugt continued: “In a rapidly changing landscape, it is key to act fast and gain a prominent position. We are excited to contribute to the renewed strategy of Accell Group. The combination of Accell and Velosophy will ensure a leading position in a rapidly changing urban mobility landscape”.
Commenting on the acquisition, Frank Verbeek, Managing Partner of IMPROVED Corporate Finance, said: “Combining the resources and industry expertise of Accell with the innovation capacity of Velosophy, creates a unique opportunity to become the leader in urban mobility solutions while continuing the incredible growth, which Velosophy has shown over the past few years” Frank Verbeek continued: “IMPROVED has further built on the extensive in depth knowledge in the mobility sector, and proven to successfully advise firms in M&A transactions.”
Improved Corporate Finance team: Frank Verbeek and Ruben Fuentes
Jones Day team (legal advisor): Floris Pierik and Maarten de Boorder
About Accell Group
Accell Group N.V. focuses internationally on the mid-range and higher segments of the market for bicycles and bicycle parts and accessories. The company has leading positions in the Netherlands, Belgium, Germany, Italy, France, Finland, Turkey, the United Kingdom and the United States. In Europe, Accell Group is market leader in the bicycle market measured in turnover. Accell Group’s best known brands are Haibike (DE), Winora (DE), Batavus (NL), Sparta (NL), Koga (NL), Lapierre (FR), Ghost (DE), Raleigh and Diamondback (UK, US, CA), Tunturi (FI), Atala (IT), Redline (US), Loekie (NL) and XLC (internationaal).
Velosophy is a provider of innovative urban mobility solutions and headquartered in Amersfoort. Velosophy is the holding company of Babboe, Centaur Cargo and Carqon. Through its subsidiaries, the company is the undisputed market leader in cargo bikes and currently active in 22 countries. Through the years Babboe became a widely recognised brand and grew to a true understanding in the bicycle industry.
About IMPROVED Corporate Finance
IMPROVED Corporate Finance provides financial advisory services related to mergers & acquisitions and financing. Our mentality? When we commit to you; we believe in you; we will fight for you and for the deal. Not just any deal, but the best possible deal for you, your company and its future. We believe in IMPROVED deals: The best deals are deals with winners only.
For further inquiries, please contact:
Managing Partner, IMPROVED Corporate Finance
Verbeek@improvedcf.com, +31 6 538 39 013
Analyst, IMPROVED Corporate Finance
Fuentes@improvedcf.com, +31 6 267 14 045