A consortium led by investment house KKR is pressing ahead with its takeover of Dutch bike maker Accell after picking up 77.8% of its shares.

KKR was offering €58 a share for Accell, which includes the Batavus and Sparta bike brands.

A week ago, the takeover appeared to be in doubt, because only 73.5% of the shares had been tendered. KKR hopes to ultimately acquire at least 95%, at which point the company will be delisted.

Both the new investors and the Accell board said when the €1.6 billion offer was launched in late January that they believed the company would be ‘better positioned under private ownership.’

In the past, KKR has also owned Hema and the V&D department store group. It currently has a stake in Q-Park and in the holiday park company Roompot.

The Dutch bought 900,000 new bikes in 2021 and just over half of them were electric, according to figures from industry bodies RAI Vereniging and Bovag.