The Brussels-based electric bike company has officially closed its deal to be acquired by ReBirth Group Holding, which also owns cycling brands Peugeot, Gitane, and Solex. The transaction includes new, undisclosed funding from ReBirth as well as €15 million ($17.6 million) from existing shareholders. The funding will be used to restart production and deal with a backlog of spare parts, the companies say.

Rebirth is the parent of Re-cycles, the French manufacturer of traditional bicycles that took over responsibility for Cowboy’s e-bike assembly operations earlier this year. Cowboy was plagued by issues in 2025, including delayed deliveries and repairs, as well as a costly frame recall (caused by a previous manufacturing partner) that brought the company within weeks of bankruptcy.

Cowboy, and its in-house design, engineering, and software teams, will continue to operate independently from Brussels. But Cowboy founder and CEO Adrien Roose has left the company. “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,” said Roose in a press release.

With the deal done, priorities include the production of 1,500 new bikes in January to help clear the backlog of orders. Customers waiting on their e-bike will receive updated delivery timelines “in the coming weeks.” Lead times should be considerably reduced by Spring 2026.

The deal should also give Cowboy a greater presence in France by leveraging ReBirth’s 95 Oxygen and 10 Ovelo bike stores, in addition to its network of 500 independent bike dealers.

Longer term, we can expect to see Cowboy’s e-bike smarts come to ReBirth’s other brands. “Cowboy’s digital expertise and platform capabilities will also support innovation across other ReBirth brands, applying the same data-driven systems and tools that have defined Cowboy’s approach to connected mobility,” reads the press release.

“I would like to thank Cowboy’s founders for their vision, ambition, and the remarkable company they have built in a difficult market,” said Grégory Trébaol, CEO of ReBirth Group Holding. “This transaction opens a new chapter for Cowboy.”

Cowboy — like all bicycle makers — has suffered from the covid-era boom-bust cycle that wreaked havoc on the industry. A costly frame recall announced in May was nearly disastrous. Cowboy had to take on short-term financing in August just to keep the lights on. Fortunately, it managed to avoid bankruptcy unlike VanMoof and, just yesterday, Rad Power Bikes. Others boutique e-bike makers like Ampler and GoCycle managed to find buyers before the clock ran out.

With Cowboy acquired, the glory days of independent, direct-to-consumer, e-bike startups that injected excitement and innovation into the bicycle industry are now well and truly over.