Brussels e-bike company Cowboy has officially closed its deal with ReBirth Group Holding SA — the French mobility group behind renowned cycling brands including Peugeot, Gitane, and Solex.
This agreement signals a significant new phase for Cowboy, bringing together the company’s design, software, and product expertise with ReBirth’s robust industrial and recapitalisation capabilities.
ReBirth’s proven experience in supporting and scaling mobility brands gives Cowboy the new operational foundation it needs to stabilise production, increase delivery reliability, and move toward long-term sustainability.
The combined transaction, including new capital from ReBirth and reinvestment from existing shareholders (€15 million) for a majority stake in the company. In addition to the conversion of legacy obligations into equity, are new financial measures designed to stabilise and strengthen Cowboy for the long term.
The transaction includes a full financial restructuring with Cowboy’s primary lender, providing a stronger balance sheet and a clean slate. New funding will be received in several stages and is primarily dedicated to supporting the restart of the production and delivery of spare parts.
The move has been received positively by Cowboy’s existing shareholder base, with both investors and the Crowdcube community voting overwhelmingly in favour of this new chapter and endorsing the long-term vision shared by both companies.
A partnership built on shared expertise
ReBirth contributes deep expertise in industrial operations, supply chain management, and a robust distribution network in France.
In turn, Cowboy brings into the ReBirth Group a market-leading connected platform, award-winning design DNA, and one of the most engaged rider communities in the urban e-bike segment.
Cowboy’s digital expertise and platform capabilities will also support innovation across other ReBirth brands, applying the same data-driven systems and tools that have defined Cowboy’s approach to connected mobility.
This vertical integration enables greater production efficiency, cost optimisation, and shared innovation across ReBirth’s ecosystem of brands – with Cowboy maintaining its distinct design and technology-driven identity.
A stronger foundation for customers
With the transaction now complete, Cowboy reaffirms that its community of over 80,000 riders will continue to receive full support on the road. All existing bikes remain operational, with hardware, software, and customer services operating as normal.
The ongoing recall programme that has expanded its efforts into major cities around Europe and the UK already, will also continue, with a detailed progress update to be shared in the New Year.
Backed by ReBirth’s industrial strength, Cowboy’s production will restart at its French assembly facility in the New Year. A reinforced manufacturing schedule is now in motion, in addition to a comprehensive production plan of over 1,500 bikes in January, which will support the fulfilment of the existing backlog and beyond. In the coming weeks, all waiting customers will receive updated delivery timelines aligned with this new plan.
Operational planning for 2026 is being built around significantly improved capacity, predictability, and access to components. This enhanced industrial foundation allows Cowboy to operate with greater resilience and consistency, ensuring riders receive their bikes faster and enjoy the high-quality experience the brand is known for.
Marta, Head of Customer Success at Cowboy, said:
‘We previously set a high benchmark for after-sales service, and this new chapter allows us to return to that standard. With stronger operational capacity and clearer timelines, we’re focused on rebuilding trust and delivering the consistent support our customers expect from Cowboy.”
Industrial integration and supply chain excellence
While Cowboy bikes have already been assembled in ReBirth’s French production facilities, this next phase marks a deeper operational integration – improving quality control, lead times, and scalability across ReBirth’s established European and Asian supplier networks. This increase will enable Cowboy to offer shorter, more competitive lead times for new customers from Spring 2026 onward. This integration provides Cowboy with the industrial leverage necessary to return to stable, large-scale production, positioning the brand to achieve sustainable profitability.
Expanding retail and after-sales support
Leveraging ReBirth’s extensive retail and service network – including 95 Oxygen and 10 Ovelo bike stores as well as 500 Independent Bike Dealers – Cowboy will significantly strengthen its physical presence in France.
Plans include the rollout of new retail and service points in major cities, improving local availability, after-sales care, and visibility. Currently, Cowboy’s fourth-largest market behind the Netherlands, Belgium, and Germany, France is expected to become its fastest-growing market, supported by ReBirth’s infrastructure and logistics expertise.
Leadership for the next chapter
As part of this transition, Cowboy’s leadership team is now working in close alignment with ReBirth Group leadership. Together, they will guide the brand into its next phase, with a focus on operational excellence, customer satisfaction, and continued innovation.
Adrien Roose, Founder and outgoing CEO, has supported the transition period and has now left the company.
Grégory Trébaol, CEO of ReBirth Group Holding SA, said:
“I would like to thank Cowboy’s founders for their vision, ambition, and the remarkable company they have built in a difficult market.
This transaction opens a new chapter for Cowboy. Following Peugeot, Gitane, and Solex, Cowboy now stands as Rebirth Group’s fleuron for connected urban mobility, completing a string of pearls of iconic brands.
Combining our industrial capabilities with Cowboy’s innovation will enhance efficiency, reinforce margins, and create a strong foundation for long-term growth.”
Adrien Roose, Founder of Cowboy, said:
“My hope is that this new partnership will make Cowboy more reliable for riders in the long term. To keep them on the road and supported in the best way possible.”
Cowboy will continue to operate independently from its Brussels headquarters, maintaining its in-house design, engineering, and software teams. Working hand-in-hand with ReBirth, the company’s priorities are now to strengthen production, optimise supply chains, and expand its retail and service footprint across Europe.
Together, the two companies are building a more resilient foundation for the future, one that prioritises reliability, efficiency, innovation and rider satisfaction.
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