For a brief moment during the pandemic boom of 2020-2021, the cycling industry appeared to enter the mainstream of global mobility investment. Venture capital flowed into direct-to-consumer e-bike brands, and private equity firms took significant stakes in several major European players.

Turkish bicycle manufacturer Kron was waiting for the right time to buy. In its 25 years, the company had manufactured for a variety of small OEMs, but was looking for a new European brand to invest in. So when Nishiki, a Nordic heritage brand with a signature look and a reputation for quality, came onto the market, Kron jumped at the opportunity.

Accell Group announced the next milestone in its transformation, with new funding and a substantial debt reduction. Under an agreement announced today with its key stakeholders, Accell Group will receive additional funding in exchange for shares. The existing majority shareholders transferred control of Accell Group to a new corporate structure.

The total market value in the Netherlands surged by more than 60% in the past 10 years, driven by the rising average retail prices for e-bikes. In 2025, combined bicycle and e-bike sales totalled at €1.533 billion, a 1.3% decline from 2024. Market growth over the past years has masked declining sales volumes. In 2025, the market experienced a further 7% decline in units. At the same time, the average price increase of e-bikes and bicycles combined exceeded the rate of inflation more than twice. To what extent will consumers continue to pay the ever-increasing prices?

Kron Bicycle has completed the acquisition of Nishiki bicycle brand from Accell Group, marking a shift in ownership for the well-known Northern European bicycle brand with Japanese roots. Accell Group, rumoured to be going through a second debt restructuring, has shed multiple subsidiaries this month in an effort to generate liquidity.

Fresh rumours are circulating that Accell Group has entered its second debt restructuring in little more than a year, and they're creating quite a stir in the market. Accell Group insiders reportedly told the Financial Times that new restructuring talks are being prepared, as revenues are lower than expected. Analysts recently wrote that the group's sales are expected to drop 15% in 2025, with a further 9% decline expected this year.