HEERENVEEN, Netherlands (BRAIN) — Accell Group announced early Friday that it has sold its Canadian brand registrations of Raleigh, Diamondback, Redline and IZIP to Canadian Tire Corporation for $16 million cash.
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; watch for updates to this story later Friday.
Canadian Tire has 1,700 retail location and an e-commerce business. It is one of the largest bicycle retailers in the country, selling brands including Schwinn, CCM, and its house brand, Supercycle. Last year, the company acquired the Helly Hansen outdoor brand for $985 million.