Brussels-based connected e-bike company Cowboy has officially closed a majority investment deal with ReBirth Group Holding SA, the French mobility group behind iconic cycling brands such as Peugeot, Gitane and Solex. The transaction is a major milestone for Cowboy as it plans to stabilise its operations, restart production at scale and ensure sustainability in the long term after a difficult period for the urban mobility sector.
€15 Million Injection and Financial Reset
The agreement brings fresh capital from ReBirth together with reinvestment from existing Cowboy shareholders, amounting to €15 million in exchange for a majority stake in the company. In addition, old financial obligations have been converted into equity and Cowboy has completed a full financial restructuring with its main lender. This has resulted in a strengthened balance sheet, giving the company what it describes as a “clean slate” for the future.
Funding Priorities and Investor Support
The new funding will be deployed in several phases and will primarily support the restart of production and the delivery of spare parts, two areas that have faced the greatest pressure in recent months. The transaction has received near-unanimous approval from Cowboy’s shareholders, including the Crowdcube community, underlining strong investor confidence in the partnership and its long-term vision.
A Brand Built on Design and Connectivity
Founded in 2017, Cowboy has become known for its minimalist, award-winning design and highly connected digital platform, which integrates navigation, theft protection and over-the-air software updates. The company has built a community of more than 80,000 riders across Europe but has struggled with operational and supply chain challenges amid a broader slowdown in the e-bike market.
ReBirth’s Industrial Strength
ReBirth brings extensive industrial and financial expertise, along with a proven track record in scaling and recapitalising mobility brands. Its established manufacturing capabilities, supply chain infrastructure and distribution networks in France and internationally are expected to address Cowboy’s long-standing production bottlenecks and delivery delays.
Customer Assurance and Recall Continuity
Cowboy has confirmed that all existing bikes remain fully operational, with hardware, software and customer support continuing as normal. The ongoing recall programme, which has expanded to major cities across Europe and the UK, will also continue, with a detailed update planned for the New Year.
Production Restart and Delivery Roadmap
Production is scheduled to restart at ReBirth’s French assembly facility early next year. Cowboy plans to assemble more than 1,500 bikes in January, helping to clear the current order backlog. Customers awaiting delivery will receive updated timelines aligned with the new production plan in the coming weeks. Looking ahead, operational planning for 2026 focuses on increased capacity, improved predictability and better access to components, enabling faster and more reliable deliveries from Spring 2026.
Expanding Retail and After-Sales Presence
Beyond manufacturing, Cowboy will benefit from ReBirth’s extensive retail and service network, which includes 95 Oxygen stores, 10 Ovelo locations and approximately 500 independent bike dealers. This expansion is expected to significantly strengthen Cowboy’s physical presence in France, already its fourth-largest market, and position it as the brand’s fastest-growing region.
Leadership Transition and Future Vision
The transaction also brings leadership changes. Founder and outgoing CEO Adrien Roose has supported the transition and has now left the company. Cowboy’s leadership team will work closely with ReBirth Group CEO Grégory Trébaol and his team, while the company continues to operate independently from its Brussels headquarters, retaining its in-house design, engineering and software teams.
“This transaction opens a new chapter for Cowboy,” said Trébaol, describing the brand as ReBirth’s flagship for connected urban mobility. Roose added that he hopes the partnership will make Cowboy “more reliable for riders in the long term,” ensuring they remain supported on the road.
Together, Cowboy and ReBirth are laying the groundwork for a more resilient, efficient and customer-focused future, positioning one of Europe’s best-known connected e-bike brands to thrive in the years ahead.
