Cowboy, the Brussels-based e-bike manufacturer renowned for its innovative urban electric bicycles, has recently undergone significant restructuring to secure its future in the competitive e-mobility market. Facing financial challenges, including a substantial recall and operational disruptions, Cowboy has entered into a strategic partnership with the French mobility group ReBirth Group Holding. This collaboration aims to stabilize the company and position it for sustainable growth.
Strategic Acquisition by ReBirth Group
In December 2025, ReBirth Group Holding, known for revitalizing established cycling brands such as Peugeot, Gitane, and Solex, acquired a majority stake in Cowboy. This acquisition included a €15 million capital injection from ReBirth, alongside reinvestment from existing shareholders, and the conversion of legacy obligations into equity. The deal was finalized in December 2025, marking a new chapter for Cowboy. (cyclingindustry.news)
Operational Enhancements and Production Resumption
Following the acquisition, Cowboy has shifted its assembly operations to France, partnering with ReCycles, a French manufacturer with over 30 years of experience. This move aims to enhance production quality, reduce delivery times, and strengthen customer support across Europe. Production is set to resume in 2026, with an initial target of assembling 1,500 e-bikes in January to address existing order backlogs. (tech.eu)
Financial Restructuring and Impact on Stakeholders
The restructuring plan has significant implications for existing stakeholders. Reports indicate that previous investors, including nearly 8,000 crowdfunders who collectively invested over €10 million, may face substantial losses. The ReBirth Group’s plan involves converting existing shares into non-voting, low-value securities, effectively reducing the influence and value of previous investments. (heise.de)
Future Outlook
With the backing of ReBirth Group, Cowboy is poised to leverage enhanced industrial capabilities and a robust retail network to strengthen its presence in key European markets, particularly France. The integration is expected to improve quality control, lead times, and scalability, positioning Cowboy for long-term success in the evolving e-mobility sector. (bikebiz.com)
This strategic partnership underscores the dynamic nature of the e-bike industry, highlighting the importance of adaptability and innovation for companies navigating financial challenges and market fluctuations.