Press release – 12.5.2022

Duell has acquired Finnish Powerfactory Nordic Oy Ab

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.