Bicycle manufacturer Accell Group transfers Canadian registrations for the Raleigh, Diamondback, Redline and IZIP brands to the Canadian Tire Corporation (CTC) for approximately 14.2 million euros. As a result, the brands in Canada will be sold exclusively at CTC stating from the 2020 cycling season.
Accell and CTC have also agreed to explore additional opportunities for collaboration. The financial implications will be incorporated in the results of the second half year.
According to Accell CEO Ton Anbeek, the deal is related to the ongoing strategic evaluation of North American activities. This evaluation process is expected to be fully completed in the third quarter of this year.