In early September, rumors began circulating in France that the Cycleurope plant in Romilly-sur-Seine was experiencing financial difficulties and up for sale. Even then, the e-bike and mobility provider Rebirth Holding SAS (also known as Rebirth Groupe) was already mentioned as an interested buyer. On Oct. 7, the time had finally come: Tony Grimaldi, Director and Deputy CEO of Grimaldi Industri AB (and also CEO of Cycleurope), confirmed to OIC that Rebirth Groupe has taken over “our factory and operations in France.” No details regarding the purchase price were disclosed.
The rumors began when Rebirth Group President and CEO Grégory Trébaol was seen in the corridors of the Commercial Court of Troyes, accompanied by his advisors. According to the newspaper L’Est éclair, he told media representatives, “no comment.”
According to Grimaldi, the transaction includes, in addition to the Cycleurope factory in Romilly-sur-Seine, “the transfer of the Gitane brand, the license agreement for the Velo & Oxygen brand name for France and the current license agreement with Peugeot Automobiles” – in other words, the entire business of Cycleurope-France.
Cycelurope Nordic Group and Bianchi Group remain in Grimaldi’s hands
However, Grimaldi also pointed out that the bicycle business in the Nordic countries (brands Crescent, DBS, Kildemoes, Monark, Puch), which operates under the name Cycleurope Nordic Group, and the Bianchi Group business will remain in the hands of Grimaldi Industri. The company would continue to invest in both business areas, “even if we still have a challenging market and a lot of inventory in the distribution”. Grimaldi expressed it this way: “We know that the bicycle and the e-bike are the future of mobility and that we are an industry of the future in Europe.”
Regarding future investments in the Nordic Cycleurope business and the Bianchi Group, Grimaldi explained to OIC: “This will include the development and strengthening of our leading position in active mobility in the Nordic region and the performance bicycle segment worldwide. Our strong brand portfolio will provide us enough room to expand and invest in the promising future of the cycling industry.”
Advantage Rebirth Groupe
The e-bike and rental bike system provider Rebirth Groupe was founded in 2005 under the name Easybike Group and renamed in 2022. “With almost 20 years of experience in the design and development of electric bicycles, the Rebirth Groupe is committed to offering eco-mobility solutions tailored to every need and type of use,” says the group website www.groupe-rebirth.com. In its business, the company relies “on iconic French brands that are rooted in France’s national heritage and still tell their own stories today.”
After the takeover, Rebirth Group CEO Trébaol stated that Cycleurope-France has been fully deleveraged. According to L’Est éclair, Cycleurope-France had accumulated debt “in the order of €25 million.” One of the main reasons for this was the significant decline in sales in the domestic French market. In particular, e-bike sales, which had previously risen sharply, were in steep decline. Nevertheless, Rebirth Groupe wants to invest in the acquired factory. The French company will also focus even more on cost-reducing synergies in the future.
