Dutch bicycle maker Accell Group is initiating insolvency proceedings just months after the private group KKR and its backers ceded control of the business to lenders following a €1.8bn bet.
The parent company of Raleigh, Lapierre, Babboe, Haibike and more says it is no longer able to meet its financial obligations. A suspension of payments – a form of insolvency in the Netherlands – has been granted to its Dutch entities.
Accell’s insolvency follows a difficult four years since a consortium led by KKR acquired the company in 2022, betting that the electric bicycle market would continue its rapid growth.
But the boom slowed and bicycle companies were left with excessive inventory, which has seen the market move to aggressive…