Dutch bicycle-maker Accell said on Tuesday it is in exclusive talks with Raleigh Cycle Limited and its shareholders to acquire the famous British bike brand.

Raleigh, founded in Nottingham in 1890, has operations and distribution companies in the United Kingdom, United States and Canada, and is best known for its Raleigh, Avenir, and Diamondback brands. It reported $260 million (162.2 million pounds) in sales last year and sold 850,000 bicycles.

Accell did not release further financial details.

Earlier this year, Accell said it was talking to takeover targets in North America, Spain and Italy, and could spend up to 100 million euros on buying brands which would boost its position in the high-growth market for electric bikes.

Accell, whose best-known brands include Batavus and Sparta bikes, reported net profit of 40.3 million euros ($53.60 million) last year on sales of 628.5 million euros.

(Reporting by Roberta B. Cowan; Editing by Sara Webb)