Accell Group strengthens its position in the "Urban Mobility" market with its acquisition of (e-)cargo bike specialist Velosophy

Heerenveen (NL), July 13, 2018 - Today Accell Group announces that it is increasing its minority interest in Velosophy B.V. to 100%. The Dutch Velosophy is a fast-growing innovative player in e-cargo bike solutions for consumers and the business market. Among Velosophy's brands are Babboe, the European market leader in family cargo bikes; Carqon, the new premium cargo bike brand; and Centaur Cargo, specialist in B2B cargo bikes for "last mile deliveries." With the acquisition, Accell Group accelerates its innovation strategy, which among other things is geared toward the development of "urban mobility" solutions.

Through its 35% minority interest, Accell Group has already been involved with Velosophy and its current management for years. Well over 10 years ago, the Babboe brand was introduced with the goal of making cargo bikes accessible for all young families. Babboe is now Europe's market leader and operates in 22 countries. In order to also serve the top segment, over the course of 2018 Velosophy introduces the Carqon, a premium e-cargo bike with an innovative and prize-winning design. The fast-growing market in electric delivery cargo bikes for urban transport is served by Centaur Cargo, a B2B cargo bike specialist that is currently conducting pilot tests with major e-commerce players. Accell Group's current indirect 14% interest in Carver remains unchanged.

Ton Anbeek, CEO of Accell Group says: "With this acquisition, we are taking an important next step in our 'urban mobility' strategy and are strengthening our position on the e-cargo bike market. In doing so, we are not only focusing on consumers, but also on the growing demand for smarter and cleaner mobility solutions for the delivery of packages, groceries, and meals in cities. The Velosophy team breaths innovation and gives us even more strength in the international e-cargo bike market. Together we can make a difference for both the consumer and the business market in aspects such as electric drive and safety, as well as in specific e-cargo innovations such as charging capacity, roadholding, and cornering stability."

Epco Vlugt, Chief Executive of Velosophy says: “We are very happy with this more intensive collaboration and acquisition. Accell was involved from the very beginning as a shareholder and supported us in our vision for all those years. It has resulted in a very fine company that operates in 22 countries. The growing international demand for urban bike solutions presents tremendous opportunities. Opportunities that we as a small player cannot take advantage of quickly enough and on a large enough-scale. By joining forces with Accell, we can more quickly develop and implement our innovative solutions, and introduce them more quickly on the global market as well. As a world leader, the opportunity that Accell offers us provides us with lots of energy for further expanding Velosophy and its brands and enabling them to flourish.

Velosophy has 50 employees, is growing fast, and achieved a turnover of €17.7 million in 2017. The acquisition is being financed through Accell Group's own resources. The transaction is subject to the approval of the German market authority and is expected to go into effect in the third quarter of 2018. From that moment on, Velosophy on will be consolidated and directly contribute to profit per share.

Accell Group is being advised in this transaction by Axeco Corporate Finance (financially) and Rutgers & Posch (legally).

About Accell Group

Internationally, Accell Group focuses on the middle and higher market segments for bikes, and bike parts and accessories. The company has market-leading positions in the Netherlands, Belgium, Germany, Italy, France, Finland, Turkey, the United Kingdom, and the United States. Measured in sales, Accell Group is a leader in bikes in the European market. Accell Group's most well-known brands are Haibike (DE), Winora (DE), Batavus (NL), Sparta (NL), Koga (NL), Lapierre (FR), Ghost (DE), Raleigh and Diamondback (UK, US, CA), Tunturi (FI), Atala (IT), Redline (US), Loekie (NL), and XLC (international). Worldwide, around 3000 people in 18 countries work for Accell Group and its subsidiaries. Accell Group has production sites in the Netherlands, Germany, France, Hungary, Turkey, and China. Accell Group's products find their way to more than 70 countries. The company's head office is in Herrenveen. Accell Group's shares are traded on Euronext Amsterdam's official market and are included in the Amsterdam Smallcap index (AScX). In 2017, around 1.3 million bikes were sold and the company had a turnover of more than 1 billion euros.