DGAP-Adhoc: MIFA Mitteldeutsche Fahrradwerke AG: MIFA acquires significant assets of premium manufacturer Steppenwolf

MIFA Mitteldeutsche Fahrradwerke AG  / Key word(s): Mergers & Acquisitions

21.08.2012 22:26

Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted
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MIFA acquires significant assets of premium manufacturer Steppenwolf

Sangerhausen, 21 August 2012 - As of 21 August, 2012, MIFA Mitteldeutsche
Fahrradwerke AG (WKN A0B95Y, ISIN DE000A0B95Y8) will acquire the
significant assets of Steppenwolf Bikes GmbH and the brand rights of
Steppenwolf GmbH, according to a purchase agreement that has been signed
today. Since 1995, the Steppenwolf brand has stood for high-quality sports
bikes in the upper price segment. Its bikes are produced exclusively in
Germany, and are offered through independent bicycle dealers. Munich-based
bicycle manufacturer Steppenwolf filed for insolvency on 26 July, 2012,
with insolvency proceedings having commenced on 21 August, 2012. Since that
date, Steppenwolf has been under the administration of Oliver Schartl,
Munich.

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.

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
06526 Sangerhausen
ISIN: DE000A0B95Y8 
WKN (German Securities Identification Number): A0B95Y
Stock exchange: Regulated Market in Frankfurt (Prime Standard); Regulated
Unofficial Market in Berlin, Hamburg and Munich


About the company:

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.


Contact:

Mark Appoh
cometis AG
Unter den Eichen 7
65195 Wiesbaden
Telephone: 0611-205855-21
Fax: 0611-205855-66
E-mail: appoh@cometis.de


21.08.2012 DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de

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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@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 Announcement                             DGAP News-Service
 
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