Duell has closed the acquisition of UK based Tran-Am Ltd

Duell Corporation has closed the acquisition of Tran-Am Ltd ("TranAm") in the UK by paying the first instalment of approximately 60% of the total purchase price of GBP 11.875 million on 8 March 2023. The second instalment of approximately 40% of the purchase price, which will be financed with the company’s cash reserves, will be paid by the end of 2023. Duell announced the TranAm acquisition on 27 February 2023.

Duell carried out an offering of 5,090,900 new shares on 1 March 2023, and raised gross proceeds of EUR 8.7 million in a directed share issue to finance the first instalment of the purchase price in relation to the acquisition of TranAm. Closing of the transaction was subject to raising new equity for the first instalment of the purchase price.

TranAm is a leading distributor and wholesaler of premium clothing and accessories for motorcycling in the UK. The acquisition of TranAm is part of Duell’s growth strategy and supports Duell’s geographical expansion and brand portfolio development. The acquisition significantly strengthens Duell’s foothold in the large UK market and provides a platform for future growth.

Further information

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

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

Certified Advisor

Oaklins Merasco Ltd
+358 9 612 9670

Duell Corporation (Duell) is an import and wholesale company based in Mustasaari, Finland, established in 1983. Duell imports, manufactures, and sells products through an extensive distribution network in Europe covering 8,500 dealers. The range of products includes 150,000 items under 500 brands. The assortment covers spare parts and accessories for motorcycling, bicycling, ATVs/UTVs, mopeds and scooters, snowmobiling and boating. Logistics centres are located in Finland, Sweden, Netherlands and France. Duell’s net sales in 2022 was EUR 124 million and it employs over 200 people. Duell’s shares were listed in November 2021 and are traded on the First North Marketplace. www.duell.eu