Cowboy continues: Rebirth Group takes majority stake

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Owners of Cowboy bikes can finally breathe a sigh of relief. With the announcement of the agreement with the French Rebirth Group, which was expected in October, the Belgian e-bike manufacturer will continue. If the report is to be believed, the company will run more smoothly and reliably in the future. Furthermore, there will be other bicycle brands with Cowboy's connected technology.

Cowboy becomes largely French

“The agreement marks a new, significant phase for Cowboy, combining the company's design, software, and product expertise with Rebirth's strong industrial and financial capabilities,” the press release states. The partnership will allow Cowboy to draw on “Rebirth's many years of experience in building and scaling mobility brands” and will provide the company with “the operational base to stabilize production, increase delivery reliability, and achieve long-term sustainability.”

According to Cowboy, the overall transaction includes fresh capital from Rebirth as well as a reinvestment of 15 million euros from existing shareholders for a majority stake in the company, along with the conversion of existing liabilities into equity. These financial measures are intended to “stabilize and structurally strengthen Cowboy in the long term.”

In addition, the deal with the Rebirth Group includes a comprehensive financial restructuring with Cowboy's main creditor, enabling a “strengthened balance sheet” and a clear fresh start. The released funds will be provided in several tranches and are primarily intended for the restart of production and the resumption of spare parts delivery.

The majority stake by the Rebirth Group, the percentage of which has not been disclosed, was “very positively received” by the existing shareholder base, according to a Cowboy announcement. “Both investors and the Crowdcube community voted with a large majority” for the new chapter of the e-bike manufacturer and supported the shared long-term vision of both companies. In the run-up, there were reports that Crowdcube investors would lose a large part of their invested money. The company does not go into these details in the announcement.

However, Grégory Trébaol, CEO of Rebirth Group Holding, makes it clear that Cowboy is now an integral part of the group: “I would like to thank the founders of Cowboy for their vision, their ambition, and the remarkable company they have built in a challenging market. This transaction opens a new chapter for Cowboy. After Peugeot, Gitane, and Solex, Cowboy is now positioning itself as the flagship of the Rebirth Group in connected urban mobility, complementing a range of iconic brands.”

Cowboy will also continue to operate independently from its headquarters in Brussels and retain its teams for design, engineering, and software development. The Belgian company will apparently not have a CEO for now.

As part of the restructuring, CEO and Cowboy co-founder Adrien Roose is leaving the company. The departure of Roose was already speculated about in August. There is no successor for Roose yet. In response to an inquiry, a Cowboy spokesperson told us: “Cowboy's management team is working closely with the Rebirth Group's management as part of the integration process. The focus is on operational implementation, customer satisfaction, and long-term sustainability.” The second co-founder, Tanguy Goretti, who serves as CTO, will remain with the company and continue in his role.

Faster availability from 2026

Through the new partnership, the company assures customers that all existing bikes will remain fully functional and that hardware, software, and customer service will continue without interruption. The recall program for the C4 ST model, announced in May, will also be continued. Cowboy will publish an update on further procedures and progress next year.

Furthermore, the goal is to improve after-sales service for Cowboy customers over time. While the company primarily speaks of a massive expansion in France in its announcement, they told us upon inquiry that Cowboy also intends to expand service in Germany. This includes better availability of spare parts, which some customers have been waiting for for months.

Customers who are still waiting for their ordered e-bike are promised by the manufacturer that production at the French plant will be ramped up from 2026, with 1500 e-bikes to be produced in January. This is intended to reduce existing order backlogs “and deliver beyond that. In the coming weeks, “all waiting customers will receive updated delivery dates.”

Vertical integration: Cowboy technology for other brands

With the integration of Cowboy into the Rebirth Group, the majority owners plan not only to get Cowboy back on its feet and expand its business. In return, the group intends to integrate Cowboy's connected platform into other brands in the future.

“This vertical integration enables higher production efficiency, cost optimization, and joint innovation within the Rebirth brand ecosystem – while preserving Cowboy's independent, technology- and design-driven identity.” The company will announce later how the solution will be implemented in other brands.

(afl)