Belgian Company Bike Trading Acquired Bankrupted Minerva
PAAL-BERINGEN, Belgium – Bike Trading NV, owned by fellow countryman Filip Carpentier, acquired all assets of the Belgian bicycle manufacturer Minerva NV which was declared bankrupt on June 25, 2015. The takeover includes the brand names Minerva, Scoppio, Pure Passion, Pure Comfort and Columbus. The company name of Bike Trading will be changed into Minerva BT NV.
Only three years ago Minerva invested in a new building with a large warehouse to be ready for the future. “A substantial costs increase in combination with a disappointing 2013 season in terms of sales caused a downward spiral which resulted in the bankruptcy,” said Minerva CEO Peter Bruggeman last June. The company was not fit for a restart and Bruggeman started looking for take-over candidates.
Grow dealer network
“We want to maintain the existing Minerva dealer network and grow it where possible,” says Bike Trading CEO Filip Carpentier. “Whenever possible we will respect the agreements made between IBDs and Minerva regarding exclusivity and warranty issues. Minerva will continue to distribute exclusively through IBDs as it has always done. We want to improve Minerva’s supply chain reliability, one of the weak issues in the past years.”
For the time being Filip Carpentier CEO of Bike Trading NV and owner of Formula Cycling BVBA will be the contact person for all questions related to the former Minerva NV. “As soon as the name of Bike Trading NV has been changed to Minerva BT NV the company will operate independently of Formula Cycling BVBA,” says Carpentier. “By the end of the year we will organize a dealer event in Leuven (Belgium) and present ourselves at the Velofollies show in Kortrijk next January.”