ALMERE/DIEREN, the Netherlands - Pon Holdings B.V. (“Pon”) has reached a principle-agreement with the major shareholder Gilde Buy Out Partners about the takeover of the Dutch bicycle manufacturer Koninklijke Gazelle N.V. (“Koninklijke Gazelle”). Pon is one of the Netherlands largest family companies and an international trade and service organisation, which is active in the automotive market for example. Koninklijke Gazelle is the market leader in the Dutch bicycle market. The takeover fits in splendidly with Pon’s growth strategy as the trendsetting mobility provider and is an important step for growth in the bicycle market.
The intended transaction has been submitted to the employees’ committee and trade unions of Koninklijke Gazelle for advice and to the authorised competition authorities for approval. NIBC Bank is acting as the financial adviser of the seller in this transaction.
Pon is convinced of the growth potential of Koninklijke Gazelle in both the Dutch market and the new geographical areas. Pon also thinks it can profit from the rise of the electrical bicycle as a result of the preservation of and growing interest in wider mobility solutions. Pon already has experience in the bicycle market. The family company began as a cycle dealer in Amersfoort at the end of the 19th century and at one time also made there its own ‘Pon’ bicycles. The company has also been the importer of for example Continental cycle tyres for decades.
Janus Smalbraak, Chairman of the Board of Directors of Pon: “We are proud to be able to add an age-old Dutch make with a rich history like Koninklijke Gazelle to our company portfolio. Our vision is that seeing the current mobility questions Gazelle fits in excellently with our automotive activities.”
CEO Jeroen Walraven of Koninklijke Gazelle: “Koninklijke Gazelle is very pleased to take the plunge with a stable partner like Pon. In this way we can strengthen our position as the market leader in the Netherlands and also grow further in the bicycle market abroad.”
Koninklijke Gazelle will remain an independently operating company, whose own identity will remain intact. The takeover is not expected to have any bad consequences for employment. Neither partner is making any further comment about the details of the takeover.