Accell Group Expands in Finland with Hellberg Take-Over
Accell Group NV announces that agreement has been reached on the acquisition of all shares in Raul Hellberg Oy and affiliated companies (Hellberg). Hellberg is active in the market for bicycles, bicycle parts and accessories and has its head offices in Helsinki, Finland.
HEERENVEEN, The Netherlands – Accell Group NV announces that agreement has been reached on the acquisition of all shares in Raul Hellberg Oy and affiliated companies (‘Hellberg’). Hellberg is active in the market for bicycles, bicycle parts and accessories and has its head offices in Helsinki, Finland.
Hellberg operates in its home market of Finland via an extensive network of dealers. Accell Group will finance the acquisition from its own resources and the company will be consolidated effective as of June 2009.
The current management of Hellberg will remain in place after the acquisition. The acquisition is expected to make an immediate contribution to Accell Group’s earnings per share.
René Takens, CEO of Accell Group: “Hellberg is one of the larger players in the market for bicycles, bicycle parts and accessories in Finland. For years, we have been looking to expand our position with
Tunturi in Scandinavia and in the Finnish home market in particular.
“Although the market is modest in absolute terms, this acquisition makes us an even more significant player in Scandinavia. Combining
Hellberg and Tunturi will create a strong and efficient organisation which is better able to serve the market and is more capable of developing, promoting and supplying the right trade products.”
Hellberg (www.raulhellberg.fi) is the exclusive distributor for a number of high-quality brands in bicycle parts and accessories in Finland and, like Accell Group, supplies specialist stores. Hellberg’s bicycle brand Nishiki, which is positioned in the middle and top segments of the market for sports bicycles, also fits in well with Accell Group’s existing portfolio.
Since its incorporation in 1926, the company has built a strong reputation as a very reliable and respected supplier, which has led the dealers
to vote Hellberg the best distributor of Finland several years in a row. Hellberg has around 20 employees and recorded a profitable turnover of around € 6.3 million in 2008.
According to Accell; combining the activities of Hellberg and Tunturi will create one of the most important suppliers of bicycles, bicycle parts and accessories and fitness equipment in Scandinavia.