HEERENVEEN, The Netherlands (BRAIN)—Accell Group announced Wednesday that it would increase its minority stake in Derby Cycle AG to approximately 22 percent. The Dutch Accell Group acquired shares through the stock exchange, taking advantage of recent lower share-price levels, and reached agreement with a third party to acquire an additional stake in Derby Cycle, Germany’s largest bike manufacturer.
In late April, Accell acquired a 5.7 percent interest in Derby. At that time, Accell said it appreciated the strong development of Derby and recognized the underlying positive trends and successful strategy of the company. This was confirmed in Monday’s publication of the third-quarter earnings figures in which Derby reported a 38 percent jump in sales and a 45 percent increase in operating profit.
The investment offers Accell the opportunity to further participate in the future growth of Derby, the company said in a press release. Currently there are no discussions with Derby on a strategic cooperation and/or public offer. Accell financed the increase of its stake from an additional credit arrangement.
