KKR announced that Accell Group will transition to a new ownership structure led by its existing lenders, following a prolonged downturn in the European bicycle market.

KKR invested in Accell in 2022, citing strong long-term fundamentals in sustainable mobility and rising e-bike adoption across Europe. However, shortly after the acquisition, the European bike industry experienced a severe and extended downturn marked by excess inventory, heavy discounting, and weakened consumer demand, putting significant pressure on manufacturers.

During this period, KKR provided financial support and operational expertise to help stabilize the business, including liquidity enhancements, leadership strengthening, operational centralization under the “One Accell” strategy, and continued investment in product launches and growth initiatives.

As industry conditions gradually normalize, Accell’s lenders have agreed to assume greater economic ownership and lead the company’s next phase. The new structure includes additional funding to support liquidity, day-to-day operations, and preparation for the upcoming sales season.

Accell CEO Jonas Nilsson thanked KKR for its support, noting that the company is now fundamentally stronger and well advanced in its transformation plans despite the challenging market environment.

Source: KKR press release, February 18, 2026