US private equity giant KKR and its backers are set to hand their remaining stake in Dutch bikemaker Accell Group to the company’s senior lenders following a second debt restructuring in just over a year, marking losses of more than €1bn, according to a report by the Financial Times.
KKR initially invested €1.1bn to take Amsterdam-based Accell private in 2022, anticipating continued growth in e-bike sales after the pandemic. However, weaker-than-expected demand, supply-chain disruptions, and excess inventory forced Accell — the owner of brands including Raleigh and Babboe — to offer steep discounts, eroding revenue and profits.
The firm and its co-investors had also injected hundreds of millions more in follow-on loans, including approximately €300m before the first restructuring in February 2025, which cut €600m from Accell’s €1.4bn debt and allowed KKR and fellow shareholder Teslin to retain control.
Despite these efforts, Accell continued to face liquidity pressures, prompting a fresh restructuring this year. Under the new agreement, KKR will exit entirely, with its stake transferred to Accell’s super senior lenders. The deal avoids insolvency or liquidation for the company.
Accell CEO Jonas Nilsson expressed gratitude for KKR’s backing and said the company is progressing with plans to transform its business.
The exit caps a challenging four-year period for KKR in the European consumer sector, highlighting the risks private equity faces when pandemic-driven growth expectations fail to materialise.
