KKR consortium will not break-up Accell Group after take-over

HEERENVEEN, the Netherlands – The consortium KKR announced an all-cash offer for Accell Group shares today at €58 per share. The acceptance period runs from 8 April to 22 June. The announcement also includes the approval by the relevant competition authorities.
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Accell Group will stay in Heerenveen, the Netherlands after the take-over. - Photo Bike Europe

The offer of €58 per share represents a premium of 26% over the closing price on 21 January 2022, the day that the consortium led by KKR announced its intention to take-over Accell Group. This offer will be discussed at the extraordinary general meeting of shareholders on 20 May 2022. The Boards of Accell Group unanimously support the Transaction. Therefore they recommend the offer for acceptance by the shareholders and recommend them to vote in favour of the resolutions to be proposed at the shareholders meeting next May.

Head office in the Netherlands

In the non-financial covenants Accell Group and the consortium agreed that company will remain substantially intact, taking into account the realisation of the Group’s business strategy, and there will be no break-up of the Group or its business units or any divestment of a substantial part of the Group. The consortium will support Accell Group in furthering its current Environmental, Social and Governance (ESG) goals.

Accell Group will be better positioned to make significant up-front investments

Accell Group will also continue to have its own operating and reporting structure, and its headquarters, central management and key support functions, will remain in Heerenveen, the Netherlands.

‘Increasingly competitive e-bike market’

“We are pleased to announce an important milestone for the future of Accell Group with the formal launch of the offer by the consortium today,” said Rob ter Haar, Chairman of the Supervisory Board of Accell Group. “We believe that in a private setting, Accell Group will be better positioned to make significant up-front investments in its business to drive future growth amid continued supply chain volatilities and inflationary pressures. It will also provide the company with more resilience in an increasingly competitive e-bike market.”

Ton Anbeek, CEO of Accell Group adds, “we are pleased that the transaction has been approved by the relevant competition authorities. With KKR we will also get a new, financially strong and knowledgeable partner on board that will help us to accelerate the roll-out of our existing strategic roadmap, enhance our global footprint, explore suitable acquisitions and further leverage our scale.”