Royal Gazelle Sold

DIEREN, The Netherlands (18 June) - Royal Gazelle bicycle factory in Dieren, the Netherlands, has been sold by parent holding Derby. Buyer is a financial group named Gilde Investment Management, part of the Dutch Rabobank controlling insurances and pension funds. Derby has received Euro 142.5 million (US$ 121.9) for Gazelle, most of it coming from Gilde plus an injection by the Gazelle management. Gilde has bought interests in over 150 companies in need of money. As a long-term investment company, it aims at financing stable and solid business, with a substantial turnover and (potential) profitability, and Gazelle fits all three criteria. The Gilde-gazelle partnership may last up to 9 years. Since last March, a host of potential buyers has been bidding for Gazelle, and Gilde took the honours. Gazelle will miss what was left of the Derby synergy, but has been relieved of the Derby interest burden. Both the Gazelle management and the unions are glad with the takeover. (OB)