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KKR pedals to the front of the e-bike pack

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KKR is hopping onto the vogue for electronic bikes. A consortium led by the buyout firm on Monday unveiled a 1.6-billion-euro takeover of Accell , the Dutch maker of two-wheeler brands including Batavus, Sparta and Raleigh. It’s a bet that the pandemic-induced boost for battery-powered bicycles has staying power.

KKR is hardly getting a bargain. The offer of 58 euros a share is double Accell’s pre-pandemic price and almost 12 times analysts’ forecasts for EBITDA for this year, after including net debt.

That looks punchy considering revenue in the 11 months to last November was upAccell Chief Executive Ton Anbeek, who will continue to lead the company, expects bottlenecks to ease this year. Private ownership will allow him to accelerate investments in software and e-commerce to charge up sales of e-bikes, which already bring in more than half the company’s revenue. KKR is along for the ride.

 

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