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Accell Group Sells More Brands for Damage Limitation of US Operation Divestment

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Accell Group Sells More Brands for Damage Limitation of US Operation Divestment
Diavelo Schweiz AG CEO Karin Vogelsanger is now managing partner of newly founded Protanium GmbH. – Photos Protanium

ZURICH, Switzerland – The latest news about Accell Group suggest that the company is doing everything it can to limit the damage that the recent sale of the heavily loss-making US operations has caused. The Dutch holding of numerous European bike companies has sold its Protanium company that markets (among other activities) Diavelo e-bikes. It is also said that Accell sold its rights on the, especially in the Benelux market well-known, Fongers brand.

With the sale of the Protanium company with its Diavelo brand as well as the Fongers brand and with the earlier sale of Accell’s Canadian brand registrations of Raleigh, Diamondback, Redline and IZIP to the Canadian Tire Corporation for USD 16 million, the Dutch bike holding looks to be on a trajectory of damage control due to the August 6 costly divestment involving Accell North America. As it looks now, this deal wipes out much of the company’s 2019 gross profit. In particular as it has a negative impact on Accell’s gross profit of 46 million euro.

In addition, it costs the company another 10 million euro in cash. Accell Group’s 2018 gross profit for its core business (excluding Accell North America) stood at 54 million euro.

Swiss distributor

Accell has sold, already last July, its Protanium company assets to the Swiss distributor. After eleven years under the umbrella of Europe’s leading e-bike maker Diavelo Switzerland AG has taken over Protanium as well as the related Diavelo brand. Protanium GmbH based in Zurich has been founded for this take-over and is headed by CEO Karin Vogelsanger. Next to the “Tangible assets and intellectual property of the development office,” also a license for Accell Group’s ‘Inframe battery technology’ is included in the deal. Patents for this integration technology of e-bike batteries in frames remains to be owned by Accell Group. Both parties have agreed not to disclose details of the acquisition and the purchase price.

Protanium founders

Protanium GmbH will continue to operate the Diavelo e-bike brand. In this context, it is pointed out that company founder Brian Hoehl left the company before the change of ownership “And no longer works for Protanium and Diavelo.”

Protanium was founded in 2006 by Brian Hoehl and Lars Munksoe in Denmark. In 2016, after selling all its shares in Protanium to Accell, Munskoe started at new e-bike company names Positive Energies.

Inframe Technology

In 2008, Accell Group acquired a majority shareholding in Protanium and expanded Netherlands-based Protanium B.V. as an independently operating business unit for the development and design of e-bikes. The innovative ‘Inframe Technology’ is used in several e-bike brands owned by Accell.

In Switzerland the Diavelo brand is distributed by Diavelo Schweiz AG, founded in 2016. This new company headed by CEO Karin Vogelsanger took over the bicycle activities of Wimex AG and Wibike AG in 2016. Some months later Diavelo Schweiz AG opened its Diavelo e-bike concept store in Zurich.

CEO Karin Vogelsanger

Managing partner and CEO of Protanium GmbH, Karin Vogelsanger has over 20 years experience in the bicycle industry and thus maintains “Numerous long-term business relationships with production partners in Asia and Europe as well as with customers in the European Union and Switzerland. We see great potential in continuing Protanium’s groundbreaking work and translating the various technical solutions and design ideas for the e-bike market into sales-ready products. By making e-bikes more beautiful and practical, we want to help this category of vehicles to an even stronger position in leisure and everyday mobility.”

Protanium GmbH will present itself at Eurobike in Hall A6, stand 402. More also at www.protanium.ch

Photos

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