French partner to acquire 80 per cent of Belgian bicycle manufacturer Cowboy
The French bicycle group Rebirth is set to acquire 80 per cent of the struggling Brussels e-bike manufacturer Cowboy. Rebirth CEO Grégory Trebaol announced the deal on Thursday in the French newspaper Le Figaro.
The agreement is expected to be finalised in mid-October, with Rebirth investing 15 million euros to revive Cowboy. “We will acquire 80 per cent of Cowboy, the manufacturer of connected e-bikes with a very sleek design,” said Trebaol.
Cowboy confirmed the negotiations. “We can confirm that the discussions with Rebirth are progressing very positively. We expect to close the deal in mid-October. At that time, we will formally communicate all the details,” a spokesperson said. “Some figures and numbers may still change until then.” They added: “What’s important today is that Cowboy has a stronger foundation and will become stable in the long term with the help of our partners.” Cowboy already collaborates with Rebirth, which assembles its bicycles.
In August, Cowboy announced that it was working towards an agreement with the French group as a financial partner. Rebirth, which owns brands including Peugeot, Gitane and Solex, aims to streamline Cowboy’s operations. “We should be able to save 2 million euros,” Trebaol said, citing centralised tyre purchasing and the use of more standard parts.
Cost-cutting and growth plans
Trebaol acknowledged that 2025 will still be difficult. “This year, the company will still incur a loss of 8 to 10 million euros on a turnover of 20 to 22 million euros,” he said. “But turnover should increase to 40 million euros in 2027, the year in which we will break even.”
Concerns about Cowboy’s financial health have been mounting. In its 2024 annual report, published this month, the company warned it could face bankruptcy “in the short term” without substantial new financing. Turnover fell by almost 36 per cent in 2024 to 21.7 million euros, while operating losses rose to 21 million euros.
Operational issues have compounded the difficulties, including long delivery times and a recall of the “Cruiser ST (MR Edition)” model, whose frame posed a risk of breakage.
Cowboy e-bike van Belgische e-bikemerk © PHOTO PETER HILZ / ANP / Hollandse Hoogte
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