Cowboy, the Brussels-based leader in connected urban e-bikes, has closed a deal with ReBirth Group Holding SA, completing a financial restructuring that brings in new capital, restarts production, and stabilises the company’s operations.

The agreement gives ReBirth a majority stake in Cowboy and combines new funding with €15m in reinvestment from existing shareholders, alongside the conversion of legacy obligations into equity. The transaction also includes a restructuring with Cowboy’s primary lender, resulting in a stronger balance sheet and a clean financial slate.

ReBirth Group is the French mobility company behind cycling brands including Peugeot, Gitane, and Solex. The deal brings Cowboy’s design, software, and connected-bike platform together with ReBirth’s industrial operations, supply chain management, and recapitalisation expertise.

Grégory Trébaol, CEO of ReBirth Group Holding SA, said the transaction marks a new phase for the brand:

“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.”

Production, Parts, and Customer Support

With the deal now complete, Cowboy confirmed that all existing bikes remain operational. Hardware, software, and customer support services continue as normal. The company’s recall programme, which has already expanded across major cities in Europe and the UK, will also continue, with a detailed update planned for the New Year.

New funding will be released in stages and will mainly support the restart of spare parts production and delivery. Cowboy will restart bike production at its French assembly facility in the New Year, with a planned output of more than 1.5k bikes in January. This production run is intended to address the current delivery backlog. Customers waiting for bikes will receive updated delivery timelines in the coming weeks.

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.”

Industrial Integration and Supply Chain

Cowboy bikes were already assembled at ReBirth’s French facilities, but the next phase involves deeper integration across ReBirth’s European and Asian supplier networks. According to the companies, this will improve quality control, reduce lead times, and support stable, large-scale production. Shorter delivery times for new customers are expected from Spring 2026.

Operational planning for 2026 is now focused on improved capacity, more predictable manufacturing schedules, and better access to components, aimed at increasing reliability across production and deliveries.

Retail Expansion in France

The partnership also expands Cowboy’s physical presence in France by using ReBirth’s retail and service network, which includes 95 Oxygen stores, 10 Ovelo stores, and around 500 independent bike dealers. France is currently Cowboy’s fourth-largest market, after the Netherlands, Belgium, and Germany, and is expected to see faster growth supported by this infrastructure.

Leadership Transition

As part of the transition, Cowboy’s leadership team is now working closely with ReBirth Group. Founder and outgoing CEO Adrien Roose supported the transition period and has now left the company. Cowboy will continue to operate independently from its Brussels headquarters, retaining its in-house design, engineering, and software teams.

The transaction formalises Cowboy’s integration into ReBirth Group’s industrial and retail ecosystem, setting out a clearer framework for production, deliveries, and after-sales support as the company moves into its next operating phase.