Brussels-based e-bike manufacturer Cowboy has received a last gasp €15 million cash injection from leading French e-mobility player Rebirth, saving it from bankruptcy.
Rebirth is set to acquire an 80% stake in Cowboy, aiming to use synergies across its group to lower costs for Cowboy and revitalising the company.
The announcement was made by CEO Grégory Trebaol in an interview with Le Figaro on Thursday.
The deal, expected to close by mid-October, aims to "get Cowboy back on track". Rebirth, already assembling Cowboy bikes, owns other well-known brands like Peugeot, Gitane, and Solex.
To restore Cowboy’s financial health, Trebaol plans to lower production costs by centralising tyre procurement across all brands in the group and using more standardised components.
Cowboy, up to now, had developed nearly everything in-house. "We should be able to save €2 million," he stated.
Additionally, Cowboy bikes, previously sold exclusively online, will be introduced to physical stores. They will initially be available in 130 locations across France under the Vélo & Oxygène and Ovelo brands, followed by expansion into Belgium, the Netherlands, Germany, and Switzerland.
Cowboy is currently grappling with severe financial challenges.
According to its new owner, the company is projected to lose between €8 million and €10 million this year, with an expected turnover of €20 million to €22 million.
Its 2024 annual report, published this month, warned of a "short-term" risk of bankruptcy without significant funding. The company saw a 36% drop in revenue in 2024, down to €21.7 million, and recorded operating losses of €21 million.
