HEERENVEEN, The Netherlands – June 24 Accell Group NV announced that agreement has been reached on the acquisition by its subsidiary Batavus of all shares in Vartex AB. Vartex is a trading company in bicycles and bicycle parts based in Varberg, Sweden.
Vartex operates via a nationwide network of dealers. Accell Group will finance the acquisition from its own resources and the company will be consolidated effective as of July 1, 2011. The current management of Vartex will remain in place after the acquisition.
René Takens, CEO of Accell Group said: “Vartex is an important player in the market of bicycles and bicycle parts in Sweden. Through acquisition of this trading company, we will be able to expand our commercial activities in Sweden with our brands Batavus, Tunturi, XLC, Redline and Viper. It also offers excellent sales opportunities for E-bikes.”
Vartex (www.vartex.se) is a supplier of bicycles and bicycle parts for retailers and specialist stores. Since its foundation in 1948, the company has built a strong reputation as a reliable and respected supplier. Vartex has around 15 employees. In 2010, the company recorded a turnover of approximately € 7 million and a modest profit. Accell Group recorded turnover of € 577.2 million in 2010, compared with € 572.6 million in 2009.