One of the investors was Joris Brantegem, son of the founder of Brantano, who took over as executive chairman and has now brought Moons in as CEO to replace Pieter Vansynghel, another member of the takeover consortium. Eddy Merckx Cycles produces high-end bicycles for export markets in the US, Britain and Japan. Sales this year will touch on €6 million. Moons, 47, was born in Dendermonde and studied law and business at the Catholic University of Leuven.

Brantegem, meanwhile, was reported to have bought a stake in Bozzy, the greetings card company, for an undisclosed sum. Bozzy was set up in 1994 by Guy Van Den Bossche, who still holds a 50% share. Bozzy last year had sales of €8.3 million from its 22 shops in Flanders.