CLOPPENBURG, Germany (BRAIN)—Derby Cycle has acquired its former Australian distributor and has started direct sales in that country under a wholly owned subsidiary.
Derby purchased Green Apple Sports Limited on April 21, and has created Derby Cycle Australia to handle sales in Australia. The purchase price is confidential.
Derby acquired inventories and customer receivables from Green Apple Sports Limited as a starting basis for further growth in Australia. Graeme Moffett, who was the owner and managing director of Green Apple Sports, will manage Derby Cycle’s business in Australia.
“Around 1.2 million bicycles are sold in Australia per year, the value of the Australian bicycle market is estimated to be approx. one billion Australian Dollars per year at retail level. The Australian market is particularly distinguished by strong demand in the sports segment. As a consequence, we are currently selling high-quality racing bikes and mountain bikes from our Focus brand in Australia,” Mathias Seidler, CEO of Derby Cycle, said in a press release of the company’s entry into the Australian market.
Uwe Bögershausen, CFO of Derby Cycle AG, added: “With our entry into direct sales in Australia, the internationalisation strategy that we presented as part of our IPO is gathering further momentum. We will continue to drive further ahead with this strategy in the future.”
Derby, Germany’s largest manufacturer, owns Focus, Kalkhoff, Univega, Rixe and is a licensee for Raleigh in Europe. The company went public on the Frankfurt Stock Exchange earlier this year.