News Article

Euretco Buyout: Biretco

Industry- & Retail Organizations

BREDA, Netherlands (July 9) – The board of dutch retail organization Euretco BV has entered into a principle agreement with their owners (Gilde Investments) and the business unit director Ron te Riele of Euretco Tweewielers to sell Euretco Tweewielers to a triumvirate of Te Riele, his financial man Eric de Geus and an undisclosed private […]

BREDA, Netherlands (July 9) – The board of dutch retail organization Euretco BV has entered into a principle agreement with their owners (Gilde Investments) and the business unit director Ron te Riele of Euretco Tweewielers to sell Euretco Tweewielers to a triumvirate of Te Riele, his financial man Eric de Geus and an undisclosed private investor. This transaction will be formally closed on 20 August, 2004 but will be retro-active as of 1 January, 2004. The new bicycle holding will be named Biretco (Bicycle Retail Corporation). It will be housed at the Euretco BV iffices in Breda, the Netherlands and share facilities.
Euretco BV CEO Peter Sturms commented: ‘This buyout fits our strategy to concentrate on fashion, home decoration and sports.’ Te Riele said: ‘Looking at our recent growth and actual size, it was a logical step to split off: the owners of Euretco, Gilde Investments, are a mid-term investor who will sell their property when the opportunity is there. With the strategic re-orientation of Euretco, we got this opportunity. With our third investor, we now have a good prospect of further growth in Europe.’
What we know as Euretco, the Dutch bicycle retail organization, is in fact a much bigger retail organization that also caters with fashion, furniture and home decoration, books and sports. Turnover of the ‘bigger Euretco’ is € 1.07 billion, with 300 wholly owned shops and 2500 franchisers. The bicycle section of Euretco (Euretco Tweewielers) takes care of the Profile formula bikeshops in the Netherlands, Belgium and Germany, the Fietswereld shop formula and purchase organization Veloring. The bike section has a total of 750 retail outlets (Profile’s own shops and franchisers). (OB)

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