E-bike maker Cowboy in talks to be acquired

“We can confirm that discussions with ReBirth are progressing very positively, and we expect to close the deal mid-October,” Cowboy co-founder Tanguy Goretti said in an email. “At that point, we will communicate all details formally. Until then, some figures or numbers are subject to change.”

Cowboy burst onto the scene in 2017 with a lineup of smart, high-tech e-bikes, with features like app-based lock and location tracking. The Verge has been tracking the company’s progress for a number of years. We called the Cowboy 2 “the best looking pedal-assisted electric bike with a removable battery” and the Cowboy 3 a more “mature” e-bike that was focused on “on safety rather than fun.” Cowboy raised over €100 million based on a strategy to conquer the US market.

But like many venture-backed e-bike companies in the years after the pandemic, Cowboy fell on hard times. Reports of delayed deliveries and repairs, missed payments, and rising debt began to mount. Over the past two years, it reportedly has lost €40 million.

Last month, ReBirth, which owns the bicycle brands Peugeot Cycles, Gitane, and Solex, swooped in with some short-term financing to help prevent Cowboy going the way of VanMoof and other bankrupt e-bike brands. And now it seems like the company is angling for a controlling stake. We’ll see what shakes out next month.

“What matters today is that Cowboy is on a stronger footing and moving towards long-term stability with the support of our partners,” Goretti said.

With additional reporting by Thomas Ricker