Accell Group NV, which generated 44 percent of its nearly $595 million in bike sales in the fiscal year 2008 in the Netherlands, has expanded its reach in the Scandinavian bicycle and bike parts market with the acquisition of Raul Hellberg Oy of Finland and affiliated companies. The purchase price wasn’t immediately available. Accell will finance the acquisition internally.

Hellberg, which employs 20 people and generated profitable annual turnover of €6.3 million for 2008, will retain its current management team. The 83-year-old company will continue to supply its own mid-market bicycle brand, Nishiki, to specialty stores in the Nordic and Baltic countries, benefitting from Accell’s large sourcing capabilities. It will also continue to distribute Dahon bicycles and other bike products in Finland.

Accell has been working in Finland and Estonia through the Finnish office of Tunturi, the Finnish brand of bicycles and fitness equipment that it bought many years ago. Its local operations and Hellberg will be merged into a single unit.