E-bike maker Cowboy in talks to be acquired

Cowboy is successful talks to beryllium acquired by ReBirth Group Holding, weeks aft the struggling e-bike shaper was bailed retired by the Brussels-based investor. The quality was archetypal reported by French paper Le Figaro, and subsquently confirmed by 1 of Cowboy’s co-founders.

“We tin corroborate that discussions with ReBirth are progressing precise positively, and we expect to adjacent the woody mid-October,” Cowboy co-founder Tanguy Goretti said successful an email. “At that point, we volition pass each details formally. Until then, immoderate figures oregon numbers are taxable to change.”

Cowboy burst onto the country successful 2017 with a lineup of smart, high-tech e-bikes, with features similar app-based fastener and determination tracking. The Verge has been tracking the company’s advancement for a fig of years. We called the Cowboy 2 “the champion looking pedal-assisted electrical motorcycle with a removable battery” and the Cowboy 3 a much “mature” e-bike that was focused connected “on information alternatively than fun.” Cowboy raised implicit €100 cardinal based connected a strategy to conquer the US market.

But similar galore venture-backed e-bike companies successful the years aft the pandemic, Cowboy fell connected hard times. Reports of delayed deliveries and repairs, missed payments, and rising indebtedness began to mount. Over the past 2 years, it reportedly has mislaid €40 million.

Last month, ReBirth, which owns the bicycle brands Peugeot Cycles, Gitane, and Solex, swooped successful with immoderate short-term financing to assistance forestall Cowboy going the mode of VanMoof and different bankrupt e-bike brands. And present it seems similar the institution is angling for a controlling stake. We’ll spot what shakes retired adjacent month.

“What matters contiguous is that Cowboy is connected a stronger footing and moving towards semipermanent stableness with the enactment of our partners,” Goretti said.

With further reporting by Thomas Ricker