DGAP-News: MIFA concludes takeover of e-bike manufacturer GRACE
(firmenpresse) - DGAP-News: MIFA Mitteldeutsche Fahrradwerke AG / Key word(s):
Acquisition/Mergers&Acquisitions
MIFA concludes takeover of e-bike manufacturer GRACE
11.10.2012 / 14:59
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MIFA concludes takeover of e-bike manufacturer GRACE
Sangerhausen, 11 October, 2012 - As planned, MIFA Mitteldeutsche
Fahrradwerke AG (WKN A0B95Y, ISIN DE000A0B95Y8), Germany's largest bicycle
manufacturer in terms of sales, will take over the remaining 49% of shares
in Berlin-based e-bike manufacturer GRACE GmbH&Co. KG. To this end, MIFA
is exercising the purchase option which was contractually agreed when
acquiring its 51% majority interest in GRACE in March 2012. This results in
GRACE being a one hundred per cent subsidiary of MIFA.
A total of 198,926 new MIFA shares are to be issued to previous and
continuing GRACE shareholders Michael Hecken and Karlheinz Nicolai for the
purchase of the remaining shares. Hecken and Nicolai, who were previously
also managing directors of GRACE, have continued to work on MIFA's behalf
since the majority takeover, and are now in charge of its
marketing/strategy and technical development areas. The new shares ought to
be created through a capital increase against non-cash capital
contributions from approved capital, which MIFA's AGM approved on May 11,
2012. As a result the capital stock of the company increases from EUR
9,600,000 to EUR 9,798,926. Hecken and Nicolai have commited themselves to
hold their new shares for a period of at least five years.
Peter Wicht, MIFA's CEO, expressed his satisfaction as follows: 'MIFA and
GRACE - this is already a success story, which is particularly evident in
our smart e-bike cooperation. Together we have developed a production
system which meets automotive standards, and is unique within the bicycle
sector. This system ensures permanently outstanding product quality, which
is why we will also soon deploy it for other bicycles - such as the GRACE
and Steppenwolf brands. This approach will lead to positive revenue and
earnings effects mainly in the medium term, because demand for our quality
products is growing.'
The corporate integration proceeds according to plan, Wicht notes:
'Karlheinz Nicolai and Michael Hecken's special know-how in technology,
design and marketing is benefiting MIFA's daily business in a quite
decisive manner.' Michael Hecken added: 'MIFA enjoys unbeatable advantages
in the production of large unit volumes - we complement each other
outstandingly. The merger is a complete success - a textbook case of a
win-win situation.'
Following the successful capital increase in July 2012, MIFA has continued
to pursue its strategy of growing through the acquisition of attractive
brands: by the end of August, MIFA acquired Munich-based bicycle forging
company Steppenwolf, which is known for its high-quality sports bikes in
the upper price segment. Steppenwolf's many years of experience in selling
to the specialist wholesaling/retailing sector is also to be exploited to
further establish GRACE as a strong e-bike brand.
About the company:
MIFA Mitteldeutsche Fahrradwerke AG is based in Sangerhausen (Saxony-Anhalt
/ Germany) and is Germany's largest manufacturer of bicycles in terms of
sales. The company produces bicycles from supplied components, whereby the
focus lies on project-related order production for large retail chains.E-bikes have also been produced since 2011. MIFA also acquired the majority
of Berlin-based e-bike manufacturer GRACE GmbH&Co. SG in March 2012,
which mainly produces premium-segment e-bikes. Among other customers, GRACE
produces the e-bike for automotive manufacturer Daimler (for the smart
brand). Outside Germany, MIFA sells its bicycles mainly in Western Europe;
in this context, both the operating business, administration and logistics
are managed at the company's sole production location in Sangerhausen.
MIFA sold around 644,000 bicycles in 2011 (previous year: around 593,000).
Thereby, the company generated EUR 100.5 million of sales revenue,
representing a 31.4% increase compared to the previous year (EUR 76.5
million). With this revenue, the company achieved an operating profit
(EBIT) of EUR 4.6 million (previous year: EUR 2.0 million), and a net
income of EUR 2.0 million (previous year: EUR 0.3 million). Its shares are
traded in the Prime Standard on the Frankfurt Stock Exchange since July 17.
Contact:
Mark Appoh
cometis AG
Unter den Eichen 7
65195 Wiesbaden
Telephone: 0611-205855-21
Fax: 0611-205855-66
E-mail: appoh(at)cometis.de
End of Corporate News
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11.10.2012 Dissemination of a Corporate News, transmitted by DGAP - a
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Language: English
Company: MIFA Mitteldeutsche Fahrradwerke AG
Kyselhäuser Straße 23
06526 Sangerhausen
Germany
Phone: 03464-5370
Fax: 03464-537251
E-mail: b.mirau(at)mifa.de
Internet: www.mifa.de
ISIN: DE000A0B95Y8
WKN: A0B95Y
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Hamburg, München (m:access),
Stuttgart
End of News DGAP News-Service
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188418 11.10.2012
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Datum: 11.10.2012 - 14:59 Uhr
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