Brussels e-bike manufacturer Cowboy rescued by takeover

Brussels-based e-bike company Cowboy has received some €15 million in emergency funding following a takeover by French e-mobility player Rebirth, saving it from bankruptcy.

Rebirth will acquire an 80% stake in Cowboy, aiming to use synergies across its group to decrease Cowboy’s costs, as well as to rejuvenate the company, known for its distinctive, streamlined cycles.

The deal, expected to close this month, aims to “get Cowboy back on track”, said Cowboy chief executive Grégory Trebaol.

“Until then, some numbers and figures may still change. What is important today is that Cowboy has a stronger foundation and will become stable in the long term, with the help of our partners.”

Rebirth, which already assembles Cowboy bikes, owns other well-known cycle brands such as Peugeot, Gitane and Solex.

In addition, Trebaol plans to lower production costs by centralising tyre procurement across all brands in the group, and by using more standardised components.

Up until now Cowboy had developed nearly everything in-house. “We should be able to save €2 million [with these changes],” Trebaol added.

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.

According to its new owner, the company is projected to lose between €8 and €10 million this year, with an expected turnover of €20 to €22 million. “But turnover should rise to €40 million in 2027, the year in which we will break even,” Trebaol said.

Questions had been raised about Cowboy’s finances for some time. Its 2024 annual report, published last 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.

With the takeover by Rebirth, the original shareholders and crowdfunders, who invested together in Cowboy, will have lost almost all their money.

In recent years, Cowboy has raised more than €100 million. For all that money, the firm’s initial investors now have barely 20% of the company left.

Converted, this is equivalent to €3.7 million, as Rebirth was able to acquire 80% of Cowboy with its €15 million investment.