KKR-backed Accell enters Dutch insolvency process
Accell Group has entered a Dutch insolvency process after the bicycle manufacturer ran out of cash to meet its debt obligations, marking the latest setback for KKR’s high-profile €1.6bn bet on the pandemic-era cycling boom, according to a report by Bloomberg.
The owner of brands including Raleigh, Lapierre and Ghost has been granted a suspension of payments by a Dutch court. The process gives the company protection from creditors while it seeks to negotiate a solution and avoid liquidation.
Accell’s financial problems stem from KKR’s €1.6bn acquisition of the business in 2022, when surging demand for bicycles during Covid lockdowns fuelled expectations of sustained growth.
Instead, demand weakened sharply after restrictions were lifted, leaving Accell with significant excess inventory and putting pressure on its balance sheet.
The company was also hit by the costly recall of Babboe cargo bikes, which are designed to carry children. KKR subsequently provided approximately €300m in shareholder loans in an effort to support the business.
The initial support proved insufficient and Accell underwent a major restructuring completed in February 2025, reducing operating-level debt to approximately €800m from €1.4bn.
A second restructuring in February 2026 transferred control of the company to its lenders after roughly €850m of junior debt was written off. Around €270m of super-senior financing remained outstanding, while KKR contributed a further €30m of cash.
The restructuring effectively handed ownership to creditors in an effort to give the business more time to recover.
That strategy has now failed to produce a buyer.
Creditors have been seeking a sale of Accell since taking control earlier this year, but attempts to find a new owner have been unsuccessful. Potential buyers reportedly included Singapore-based Dutech Holdings, which has been acquiring distressed bicycle manufacturers across Europe.
The move into insolvency protection represents another escalation in the problems surrounding one of Europe’s largest bicycle manufacturers.
Accell’s collapse highlights the risks faced by private equity firms that invested aggressively in companies expected to benefit from pandemic-driven changes in consumer behaviour.
The cycling boom initially created a strong investment case, with consumers turning to bicycles for exercise, transport and leisure while lockdowns restricted other activities.
However, the subsequent normalisation in consumer spending exposed manufacturers and retailers to excess inventory, weaker demand and margin pressure.
For KKR, the Accell investment has required repeated injections of capital and debt restructurings as the sponsor sought to preserve the business.
The latest insolvency process means the company’s creditors will now have to determine whether Accell can be restructured again or whether parts of the business and its portfolio of bicycle brands can be sold.
Accell chief executive Jonas Nilsson described the situation as deeply disappointing, following efforts by management, shareholders and lenders to restructure both the company’s operations and finances.