HEERENVEEN, the Netherlands - Accell Group announced this morning that it has acquired all shares of Currie Technologies, the US market leader in e-bikes and e-steps. Based in Chatsworth, California, Currie Technologies has an extensive distribution network. Accell Group will finance the acquisition from its own resources.
René Takens, CEO of Accell Group: “Currie Technologies is an excellent investment for us in e-mobility in the United States. More and more Americans discover the bicycle as an alternative way of transportation. With its self-developed 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 other activities in North America. In addition, Currie has an interesting portfolio of IP-rights which also 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 US market for electric two wheelers.”
Larry Pizzi, President of Currie Technologies: “Accell Group brings significant expertise and resources to assist Currie Technologies in our quest to build and expand awareness in the US market for electric bicycles, while developing the IBD 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.”
The current e-bike market in the United States is still in its infancy compared to Europe. Expectations of the Light Electrical Vehicle Association (LEVA) are that the e-bike market in the US 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 US is estimated to be 50,000 units. It is expected that this number will rapidly increase in the coming years.
Currie Technologies is a developer and distributor of high quality hybrid electrically powered bikes and e-steps for all ages. With its brands I-ZIP en E-ZIP, Currie Technologies is one of the leading suppliers of e-bikes and e-steps (mini e-scooters) in the United States. The company distributes its products via superstores as well as specialist bike shops. Currie Technologies has 40 employees and an annualized turnover of approximately $ 20 million.
“We will invest in marketing and technology in order to support the growth of Currie Technologies”, said René Takens. “It is expected that the company will contribute to our earnings per share within two years. Consolidation will take place as of 1 January 2012.”