PHOTO CAPTION: Currie Technologies i-Zip electric bicycles.

Accell Completes Acquisition of U.S. E-Bike Maker

Official statements by Accell Group and Currie Technologies.

Published: 11-Jan-2012

CHATSWORTH, CA – January 11, 2012 – Currie Technologies announced today that Accell Group N.V. has completed acquisition of Currie Technologies. Currie Technologies, based in Chatsworth, California, is the market leader in electric bicycles (e-bikes) in the United States where the market is still in its infancy. Accell Group is the European e-bike market leader and has been instrumental in its significant development in recent years. The acquisition will accelerate Currie Technologies growth in the US Dealer market, leveraging Accell Group’s experience, resources and a significant portfolio of advanced proprietary technologies. This is the second acquisition in the United States by Accell Group, which also owns Seattle Bike Supply (SBS).

René Takens, CEO of Accell Group: “Currie Technologies is an excellent investment for us in e-mobility in the United States. More and more Americans discover the bicycle as an alternative way of transportation. With its self-developed and high-quality electric two wheelers, Currie Technologies meets the growing market for eco-friendly and affordable alternatives of transportation. With this acquisition we strengthen our market position and improve our execution power in the fast growing market of electric two wheelers in the US. We look forward to assisting Currie Technologies to grow the market in the United States through a developing network of specialist retailers.’’

Expectations of the Light Electrical Vehicle Association (LEVA) are that the e-bike market in the US will show growth in the short to medium term comparable with recent market developments in Europe. The current market for e-bikes in the US is estimated to be 50,000 units. It is expected that this number will rapidly increase in the coming years.

Larry Pizzi, President of Currie Technologies: “I am very excited about the acquisition by Accell Group. This transaction will bring Currie Technologies access to Accell’s advanced technological and supply chain resources, financial stability and their significant experience in establishing e-bikes in their markets. Currie is planning on building and expanding awareness here in the US while developing the independent bicycle dealer (IBD) channel with the most comprehensive, best-in-class dealer support. We expect to see steady growth based on increased exposure and new dealer interest in the category during 2012 and wish to ensure our existing dealers that they will see our business operations continue as usual and improve over time. With the experience Accell Group has in developing this market in Europe under very similar conditions, I am confident that Currie and our dealers are poised for significant growth.”

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