70% of purchase Dorel Canadian manufacturer of Caloi bikes

The Canadian Dorel Industries announced on Thursday (22) agreement to buy 70% of the traditional Brazilian company of bicycles in a transaction that Caloi, will transform the company's factory in the country in one of its production centers in the world.
According to a statement from Dorel to the press, the purchase of the majority stake was closed based on a multiple of a digit over the earnings before interest, taxes, depreciation and amortization (Ebitda) ". The company did not disclose precise values or how the payment for participation will be made.
Founded in 1898, the Caloi had sales of $ 273.5 million in 2012, growth of 22% over the previous year. The company estimates have participation of over 40% in the Brazilian market of bicycles.
Caloi employs 900 employees and has a technology center and logistics in Atibaia (SP). The company has in Manaus the largest bicycle factory in the world outside of Southeast Asia, with production of more than 700 thousand units per year, according to Dorel.
With the sale of the control, the unit will produce bicycles from other brands of Canadian company, such as Cannondale, Schwinn, Mongoose and GT added Dorel. The bicycles are intended for the domestic market and export too.
"This new partnership with Caloi positioning Dorel as one of the biggest bike companies in the world, as well as a leader in the Americas," said the Canadian company's Chief Executive, Martin Schwartz, said in a statement.
"Despite the current economic challenges in the country, we believe that the consumer market is good and is moving in the right direction. We see this transaction as a solid opportunity, "he added Schwartz.
The President of Caloi, Eduardo Musa, will lead the Division of the company's bikes in the country, said Dorel.
In the same statement, Musa said that the deal will benefit the national market. "The expansion of Dorel in our market will help meet the growing demand of the Brazilian consumers for high quality, combined with innovation and style," he said.