Just a few weeks ago, the future of the Accell Group seemed secure. Dutech Holdings and its parent company, the Tri Star Group, wanted to acquire the Dutch bicycle group. The relevant competition authorities in several European countries had already approved the deal. On August 5, however, the deal unexpectedly fell through: The acquisition did not go through. The companies involved have not yet provided detailed reasons for the decision.

After the COVID-19 boom, now the crash

For Accell, the collapsed deal is yet another setback following years of economic difficulties. The group, which includes Haibike, Ghost, Winora, Lapierre, Raleigh, and Koga, among others, had been struggling with high inventory levels, declining sales figures, and massive price pressure following the end of the bicycle boom. Several restructuring efforts and financing measures apparently failed to stabilize the situation in the long term.

Following the failure of the takeover, Accell filed for a suspension of payments in the Netherlands. The proceedings are intended to buy time for a reorganization. At the same time, the search for an investor remains a key priority.

Separate restructuring proceedings are also underway in Germany. Accell Germany, as well as the companies behind Winora, Ghost, and E. Wiener Bike Parts, have filed for self-administered insolvency. Business operations are to continue while a buyer is sought for the German business. Approximately 370 employees are affected.

Jonas Nilsson, CEO of the Accell Group, says: “Given all the hard work and what we have achieved with the support of our shareholders and lenders to restructure Accell’s operational and financial situation, this is a deeply sad and frustrating situation. This is a particularly difficult time for our employees, creditors, customers, suppliers, and partners. We have tirelessly explored every realistic option for the company’s future. However, none of them has yielded a solution that would allow the Accell Group to continue in its current form.”

Further price pressure in an already difficult environment?

Why Dutech ultimately decided against the acquisition remains unclear. There is speculation within the industry about various possible reasons—ranging from the group’s difficult financial situation to potential risks stemming from the Cargovelo-Babboe complex. No reliable information is available on this matter.

This development is relevant for bicycle retailers and suppliers. It is unclear how the proceedings will affect orders, deliveries, and outstanding receivables. At the same time, a clearance sale of existing Accell inventory could put additional price pressure on an already difficult bicycle market.

This doesn’t have to be the end

For the well-known brands, however, the insolvency does not necessarily mean the end. An investor could acquire individual business units or brands and spin them off from the Accell group. Whether such a buyer can be found is now likely to become one of the decisive questions for the future of Haibike, Ghost, Winora, and others.

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