The Brussels-based electric bike manufacturer, Cowboy, has been officially acquired by ReBirth Group Holding in a deal valued at €15 million (approximately $17.6 million). This acquisition includes additional undisclosed funding from ReBirth and is aimed at revitalizing Cowboy’s operations, addressing production delays, and managing a backlog of spare parts.
ReBirth Group, which also owns well-known cycling brands such as Peugeot, Gitane, and Solex, has taken significant steps to strengthen Cowboy’s position in the market. Earlier this year, ReBirth assumed responsibility for Cowboy’s e-bike assembly operations through its subsidiary, Re-cycles, a French manufacturer of traditional bicycles.
The challenges faced by Cowboy in 2025 were substantial, including delayed deliveries, repair issues, and a costly frame recall that nearly pushed the company into bankruptcy due to complications with a previous manufacturing partner. Despite these setbacks, Cowboy’s core design, engineering, and software teams will continue to operate independently from their headquarters in Brussels.
In a statement regarding the acquisition, Cowboy’s founder and former CEO, Adrien Roose, expressed hope that the new partnership would enhance reliability for customers. “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,” Roose stated. Following his departure from the company, the focus now shifts to production priorities.
Revamping Production and Customer Experience
The immediate plan includes the production of 1,500 new bikes in January 2026 to help alleviate the backlog of orders. Customers awaiting their e-bikes can expect updated delivery timelines in the coming weeks, with lead times anticipated to significantly decrease by Spring 2026.
This acquisition is poised to enhance Cowboy’s presence in France by leveraging ReBirth’s extensive network of 95 Oxygen and 10 Ovelo bike stores, alongside a further 500 independent bike dealers. The partnership is also expected to foster innovation, allowing Cowboy’s digital expertise and data-driven systems to influence other brands under the ReBirth umbrella.
Grégory Trébaol, CEO of ReBirth Group Holding, acknowledged the significance of this transaction, stating, “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.”
Challenges and Industry Context
Cowboy’s journey reflects the broader challenges faced by the bicycle industry in recent years. The surge in demand during the COVID-19 pandemic followed by a subsequent decline created a volatile environment. The company faced a near disastrous frame recall announced in May 2025, and they sought short-term financing in August to remain operational. Unlike some competitors like VanMoof and Rad Power Bikes, which recently filed for bankruptcy, Cowboy successfully navigated these challenges.
With the acquisition finalised, the era of independent, direct-to-consumer e-bike startups that brought innovation to the cycling sector appears to be coming to a close. The future remains uncertain, but Cowboy’s alignment with ReBirth Group may signal a new direction for the brand and the electric bike market as a whole.
