Accell Group Files for Insolvency – What’s Next for Haibike, Ghost & Co.?

Just a few weeks ago, a rescue appeared to be within reach. Now the situation has taken a dramatic turn: Accell Group – the parent company of Haibike, Ghost, Lapierre, Winora, Raleigh and several other bicycle brands – has initiated insolvency proceedings. We have obtained an internal message from CEO Jonas Nilsson to all employees, in which he states that, after exhausting every available option, there was no alternative left.

The Rescue of Accell Group Already Seemed Secured

As recently as early July, everything pointed towards a successful sale. Singapore-based DuTech Group was set to acquire Accell, and competition authorities in Germany, Austria and Poland had already approved the transaction. All that appeared to be missing was the formal closing of the deal. Why the acquisition ultimately fell through – or was never completed – remains unclear. Neither Accell nor DuTech has publicly commented on the matter.

This news hits particularly hard for us at the E-MOUNTAINBIKE editorial team. Not only because Haibike has been a close companion of E-MOUNTAINBIKE Magazine for many years, and because we played our part in establishing eMTBs between 2012 and 2016 at a time when eMTBs faced enormous resistance – and even outright hostility – from both the industry and the riding community. But also because it is precisely one of the pioneers of the modern e-mountain bike that is now facing an uncertain future. With the launch of the Haibike eQ XDURO in 2010, then-Managing Directors Susanne and Felix Puello created an entirely new bike category, laying the foundation for what has since become the bicycle industry’s largest growth segment. Several other brands within the group have also made significant pioneering contributions to the cycling industry. Today, Accell’s portfolio includes brands such as Haibike, Ghost, Lapierre, Winora, Raleigh, Batavus, Sparta, Koga, Carqon and Babboe.

Back in 2002, the Dutch Accell Group acquired the Winora Group, including its Haibike and Winora brands. For many years, however, the company continued to operate independently from its headquarters in Schweinfurt, Germany. It wasn’t until 2017, when Accell accelerated its centralisation strategy, that things changed. Citing “irreconcilable differences” over the group’s new strategic direction, Susanne and Felix Puello left the company they had built over decades and transformed into a pioneer of the modern e-mountain bike. In the years that followed, Accell increasingly focused on centralisation and group-wide structures.

From Pandemic Winner to Restructuring Case

During the pandemic boom, Accell was considered one of the bicycle industry’s biggest success stories. In 2022, investment firm KKR acquired the company for around €1.8 billion, betting that the e-bike market would continue its rapid growth. That bet didn’t pay off. Once the boom ended, demand declined much faster than expected, dealers were left with excessive inventory, and the market descended into aggressive discounting. At the same time, Accell was forced to write down significant inventory values. The company was far from alone: since the end of the pandemic boom, the entire bicycle industry has been struggling with overcapacity, bloated inventories and intense margin pressure.

Major restructuring measures followed. Under the “One Accell” programme, functions were centralised, locations consolidated and jobs cut. At the same time, the owners repeatedly restructured the company’s debt and injected additional capital. In February 2026, Accell’s lenders took control from KKR and announced a recapitalisation. By July 2026, the proposed sale to DuTech Group appeared to offer another lifeline – but that deal also collapsed. Today, it is clear that none of these rescue attempts succeeded in stabilising the company.

Internal Memo Confirms Accell Group Insolvency

In the internal message to employees, CEO Jonas Nilsson explains that, after thoroughly reviewing every available option, the Board had decided to initiate insolvency proceedings. At the same time, employees were instructed not to speak to the media or any other external parties.

What Happens Next for Accell Group?

The Dutch “Suspension of Payments” procedure does not automatically mean the end of Accell or its brands. Instead, it is intended to provide the company with time to restructure. Even so, many questions remain unanswered: Why did the already advanced sale to DuTech collapse? Are there still investors interested in Accell or in individual brands? What lies ahead for Haibike, Ghost and Lapierre? We’ll continue following the story closely and update this article as soon as new information becomes available.

Words & Photos: Robin Schmitt