Part of Ridley for Sale
PAAL, Belgium – Today a newspaper in Belgium reports that part of Ridley is for sale. On questions by Bike Europe commercial director Anthony Kumpen of Race Productions NV, the company behind Ridley, didn’t deny this news, but said that parts of the newspaper report were incorrect and that the company would issue a press release later this week.
The newspaper ‘De Tijd’ says that the Kumpen family, that owns a substantial stake in Ridley/Race Productions, intends to sell its shares. The family would have been repeatedly approached in recent years to sell its stake in successful Ridley. De Tijd reports today that according to their information the Kumpen family gave a more formal character to its sale intentions by hiring a KPMG consultant recently. Planned is to close a short term deal, before the end of this year.
Last month Bike Europe reported that Race Promotions NV postponed the entry of Ridley in the Trekking segment because of continued growth. Commercial project coordinator Rik Vanhoof, said the company saw about 15% growth last year and, “As we want to grow in phases, we have postponed the launch of Ridley Trekking Bikes for the time being.”
De Tijd reports today that annual revenues of Race Production NV stand at 24 million euro. The ambition is to double the turnover to 50 million by 2017. At that time the number of bikes sold must have tripled to about 100,000 units.