HEERENVEEN, Netherlands (BRAIN)—Insurance company Aviva plc bought slightly more than half of the late Trek founder Richard Burke’s 818,681 shares in the Dutch bicycle conglomerate Accell Group when the Burke estate put them out to sale last month.
The acquisition brought the U. K.-headquartered insurance group’s holdings from its former 8.62 percent stake to 12.99 percent, making it the largest shareholder in Accell Group. Accell Group is the biggest bike and fitness equipment supplier to the European market, as measured in annual revenues.
Several other institutional investors acquired the remainder of the Burke estate shares.
Richard Burke’s son John Burke, president of Trek, said all proceeds from the Accell shares sale and other assets from his father’s estate will go to Trinity Foundation of Wisconsin, a charitable group Richard Burke founded to improve urban education in the Milwaukee, Wisconsin, area.
Accell Group share prices were hovering at around 25 euros in mid June, enough to generate $30 million or more.
Richard Burke died March 10 at age 73 from complications of heart surgery. A lifetime philanthropist, he had donated millions of dollars to charity over the years.