ACCELL GROUP SELLS CANADIAN BICYCLE BRAND REGISTRATIONS TO CANADIAN TIRE CORPORATION

PARTIES TO EXPLORE FURTHER COLLABORATION WITHIN THE BIKE INDUSTRY

HEERENVEEN (THE NETHERLANDS), 12 July 2019 – As part of its strategic review of the North American business operations which was announced in December 2018, Accell Group N.V. (“Accell Group”) reached agreement on the sale of its Canadian brand registrations of Raleigh, Diamondback, Redline and IZIP (“the transaction”) to Canadian Tire Corporation, Limited (“CTC”) for a cash consideration of USD $16 million.

Accell had announced last year that its North American operations were under review following a stream of poor financial results.

Accell Group released little other information on the transaction in the official release.

Source: Accell Group newsroom

2019-07-12T09:28:06-04:00 July 12th, 2019|