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 discounting and the industry struggle with overcapacity and pressure on margins.
The group then implemented its One Accell strategy. This saw job cuts, the centralisation of functions such as marketing, and the consolidation of locations.
In February 2026, Accell’s lenders took control from KKR after the company agreed its second debt restructuring within a year.
KKR and its backers lost all of the €1.1bn equity used to buy Accell, alongside hundreds of millions they injected into the company to help stabilise it.
By June, the transfer of Accell Group to its new owner, the Singapore-based investment firm DuTech Group, appeared to be nearing completion.
Accell Group CEO Jonas Nilsson says the situation is “deeply sad and frustrating” in light of the work that has been done to restructure the group, and the support of shareholders and lenders.
“Every realistic option for the future of the business has been tirelessly explored, and none have resulted in a solution to continue the Group in its current form,” Nilsson says.
“Our immediate focus is to support an orderly process, provide clarity wherever possible, and work with the relevant court-appointed administrators to preserve viable activities and employment where circumstances allow.”
Accell bought Raleigh for $100m in 2012 and the insolvency follows a trying period for the historic brand. Raleigh saw redundancies in 2024 and reported losses of $30m in accounts released in 2025.
