Accell Group in discussions to acquire Raleigh Cycle Limited, including Diamondback Fitness

Accell Group is in talks to acquire Raleigh Cycle Limited, which includes Raleigh America, parent to the Diamondback Fitness brand. Company officials tell SNEWS they are upbeat about the possible deal.

Accell Group is in exclusive discussions to acquire Raleigh Cycle Limited, including its U.S. subsiduary Raleigh America, parent to Diamondback Fitness.

The Diamondback brand, which also includes a larger bicycle division, was born in California in 1978, and has enjoyed significant growth in recent years, officials said. While there is no guarantee that these talks ultimately will lead to an acquisition of the business by Accell, they said there is a fit between the two businesses, both culturally and operationally.

“The Raleigh Group board is very supportive of Accell’s approach and is working closely with Accell directors to progress a possible transaction,” Raleigh America President Steve Meineke told SNEWS.

Raleigh has been active in the bicycle market for 125 years.

In January, Raleigh America licensed its Diamondback Fitness brand to LifeCore Fitness (which also makes indoor cycles and ellipticals) to enable it to increase focus on its bicycle business. The deal gave LifeCore Fitness exclusive global licensing rights to the Diamondback Fitness brand. LifeCore operates from its Vista, Calif. headquarters.

“Raleigh America’s Diamondback Fitness licensing agreement with LifeCore Fitness remains intact with the growth plan and strategy we have with Roger [Bates] and Traci [Bates] at LifeCore,” Meineke said. “Our partnership with LifeCore is business as usual,” Meineke said.

Meineke said to stay tuned for updates on the deal’s progress.

Netherlands-based Accell Group, a market leader in European cycling with an international presence, dabbles in fitness with its Tunturi and Bremshey brands. However, the company continues to downsize its presence in the sector, as its fitness sales fell to account for 3 percent of its total business in 2011.The drop largely was due to the company’s reorganization in North America,where it downsized and reorganized its distribution model during the year.

--Ana Trujillo


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