CHATSWORTH, CA (BRAIN)—European market leader Accell Group has acquired all shares in U.S. e-bike maker Currie Technologies.
The Dutch Accell Group, which also owns Seattle Bike Supply in the U.S., and more than a dozen mid- and high-end European bike brands, will finance the acquisition from its own resources.
“Currie Technologies is an excellent investment for us in e-mobility in the United States,” René Takens, CEO of Accell Group, said in a press release.
“More and more Americans discover the bicycle as an alternative way of transportation. With its self-developed and high-quality electric two wheelers, Currie Technologies meets the growing market for eco-friendly and affordable alternatives of transportation. The acquisition provides good synergy opportunities with our own American brand SBS, as well as our other brands.
"Currie also has an interesting portfolio of global IP-rights, which offers opportunities in other markets and countries in which we are active. With this acquisition we strengthen our market position and improve our execution power in the fast growing market of electric two wheelers in the U.S."
The e-bike market in the United States is still in its infancy compared to Europe. Expectations of the Light Electrical Vehicle Association are that the e-bike market in the U.S. will show growth in the short to medium term comparable with the recent market developments in Europe. The current market for e-bikes in the U.S. is estimated to be 50,000 units, while Europe is more than 10 times that size.
“Accell Group brings significant expertise and resources to assist Currie Technologies in our quest to build and expand awareness in the U.S. market for electric bicycles, while developing the independent bicycle dealer channel. With a broad range of exciting new products for 2012, we expect to see a significant expansion of distribution based on new dealer interest in the category,” said Larry Pizzi, president of Currie Technologies.