MIFA acquires significant assets of premium manufacturer Steppenwolf
MIFA will acquire all of the company's significant assets by way of an asset deal through a newly-founded subsidiary, Steppenwolf Bavaria GmbH. The acquired assets include, in particular, the brand rights and customer relationships of Steppenwolf GmbH, and its sales, marketing and field organisation divisions (service).
The parties have agreed to confidentiality concerning the purchase price of the transaction. MIFA will finance the transaction from its own financial resources, which derive from the capital increase that it executed successfully in July 2012. From MIFA's perspective, the acquisition of Steppenwolf represents an important step in its continued pursuit of its growth strategy, which was announced as part of the capital increase. Above all, the company regards the acquisition as an appropriate addition to its portfolio, which was expanded to include a well established e-bike brand as recently as March 2012 with the takeover of Berlin-based GRACE GmbH & Co. KG.
Issuer: MIFA Mitteldeutsche Fahrradwerke AG
Kyselhäuser Strasse 23
WKN (German Securities Identification Number): A0B95Y
Stock exchange: Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Hamburg and Munich
MIFA-Bike Gesellschaft mbH
MIFA Mitteldeutsche Fahrradwerke AG, which is based in Sangerhausen (Saxony-Anhalt / Germany), is Germany's largest manufacturers of bicycles in terms of sales. The company produces bicycles from supplied components, whereby the focus is 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 and 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). In doing so, the company generated EUR 100.5 million of sales revenue, representing a 31.4% increase compared with the previous year (EUR 76.5 million). On this revenue, the company achieved operating profit (EBIT) of EUR 4.6 million (previous year: EUR 2.0 million), and net income stood at 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.