HEERENVEEN, the Netherlands (BRAIN) — Accell Group N.V. has agreed to sell its U.S. business, including the worldwide registrations for Diamondback, Redline and IZIP, to Regent LP, the California investment firm that bought Mavic earlier this year.
Regent and Accell will partner for two years to distribute Raleigh, Haibike and Ghost, which Accell continues to own.
The sale was completed Tuesday. Regent paid $1 for the U.S. brands with a maximum potential earn out of $15 million.
Accell announced last month that it had sold the Canadian rights to Redline, Diamondback and Raleigh to Canadian Tire.
The company said the sale completes the strategic review of its troubled North American business, which it announced last year.
Ton Anbeek, the CEO of Accell Group, said, “With this announcement, we have completed the strategic review of our North American business. This allows us to eliminate the profit dilution, while we can continue to distribute our global brands to the U.S. and benefit from the growing demand for e-bikes. We look forward to working with Regent as our U.S. distributor and as global supplier of …read more