12.5.2022 09:49:55 EEST | Duell Oyj | Company Announcement

Duell Corporation, Inside information

Duell Corporation has acquired the entire share capital of the Finnish company Powerfactory Nordic Oy Ab. Powerfactory is a leading importer and wholesaler of bicycle spare parts and accessories. The acquisition was completed today on 12th of May 2022.

The acquisition is part of Duell's growth strategy, which will give Duell access to the Nordic bicycle parts and accessories market and also offer new growth potential in the European bicycle segment. The arrangement also complements the offering of other categories with new brands. In addition to bicycle spare parts and accessories, Powerfactory has a selection of spare parts and accessories for motorcycles, mopeds, scooters, boats, and garden and forestry accessories.

Founded in 1964, Powerfactory had net sales of EUR 15.1 million and EBITDA of EUR 1.4 million in 2021. The most significant share of net sales consists of bicycle spare parts and accessories. Majority of the net sales comes from the Finnish market, but the company has also significantly increased sales to the Swedish market in recent years. Powerfactory's product portfolio includes 12,000 product titles, which it offers to approximately 2,000 customers in Finland and Sweden. Powerfactory has in total 40 employees. The company's headquarters and logistics operations are in Tampere, Finland. The Swedish office is in Frölunda.

The purchase price of the shares is EUR 9.17 million and it will be carried out as a cash transaction. Powerfactory will continue to operate under its own brand after the deal is confirmed. Duell’s goal is to later integrate Powerfactory into Duell and the Duell brand. For the time being, Pasi Huura, the company's CEO and owner, will continue to be responsible of the bicycle spare parts segment.

Powerfactory's key figures (fiscal year 1.11-31.10)

MEUR                                                 2021                           2020

Net sales                                             15.1                             12.7

EBITDA                                                1.4                              0.7

                                                               31.10.2021                  31.10.2020

Equity ratio, %                                    63                                78       

Equity, MEUR                                     6.2                               5.1

Balance sheet, total, MEUR            9.7                               6.5      

“We are very pleased to be able to combine Powerfactory and Duell’s product portfolio to strengthen our offering. This is a significant opening for Duell to enter the Nordic bicycle parts and accessories market. In France, we are already in this product segment thanks to our acquisition last year and we are now further strengthening our position in this growing segment. The integration of Powerfactory into Duell is a clear step forward in implementing our growth strategy,” says Jarkko Ämmälä, CEO of Duell.

“It is important for us to join forces and continue on the growth path as part of Duell, a strong Nordic player,” says Pasi Huura, CEO of Powerfactory.

Powerfactory Nordic Oy Ab, founded in 1964, is Finland's leading wholesaler of bicycle, motorcycle, moped, scooter, small machine and boat spare parts, specializing in spare parts and accessories. The product range includes about 12,000 different products. The company is headquartered in Sarankulma, Tampere. It has 40 employees. www.powerfactory.fi.

Duell Corporation is an import company based in Mustasaari, Finland and established in 1983, whose imported and manufactured products are sold through an extensive distribution network in Finland, Sweden, Norway, Denmark, Estonia, Latvia, Lithuania, the Netherlands, Belgium, Germany, France, the UK, Ireland, Spain, the Czech Republic and Romania. Duell’s range of imported products includes all motorcycling, snowmobiling and boating equipment, accessories and spare parts. It also includes equipment, accessories and spare parts for bicycling, ATVs/UTVs, mopeds and scooters. Duell's modern logistics centres are situated at Mustasaari in Finland, Tranås in Sweden, Hengelo in the Netherlands and Montpellier in France. The Group currently employs nearly 200 people internationally. The Duell share (DUELL) is listed on the First North Marketplace. www.duell.eu.

Further information

Jarkko Ämmälä, CEO, Duell Corporation
+358 50 056 5149
jarkko.ammala@duell.eu

Pellervo Hämäläinen, IR, Duell Corporation
+358 40 674 5257
pellervo.hamalainen@duell.eu

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