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HELSINKI, Finland (BRIAN)—Accell Group NV has agreed to acquire all the shares in Raul Hellberg Oy and affiliated companies (‘Hellberg’). Hellberg is active in the market for bicycles, bicycle parts and accessories and has its head offices in Helsinki, Finland.
Hellberg operates in its home market of Finland via an extensive network of dealers. Accell Group, based in Heerenveen, the Netherlands, will finance the acquisition from its own resources and the company will be consolidated effective as of June 2009.
The current management of Hellberg will remain in place after the acquisition. The acquisition is expected to make an immediate contribution to Accell Group’s earnings per share.
"Hellberg is one of the larger players in the market for bicycles, bicycle parts and accessories in Finland," René Takens, chief executive officer of Accell Group. "For years, we have been looking to expand our position with Tunturi in Scandinavia and in the Finnish home market in particular. Although the market is modest in absolute terms, this acquisition makes us an even more significant player in Scandinavia. Combining Hellberg and Tunturi will create a strong and efficient organisation which is better able to serve the market and is more capable of developing, promoting and supplying the right trade products."
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