The company, which once claimed it wouldn’t follow in the footsteps of VanMoof, had recently shown signs of heading towards bankruptcy. Media reports and customer grievances highlighted that e-bike deliveries were delayed for months, repairs were hampered due to parts shortages, payments were missed, and debts were growing.

Before signing a term sheet with its new partner, Cowboy already had a connection with Rebirth Group. Rebirth, the parent company of Re-cycles, a French traditional bicycle manufacturer, recently assumed responsibility for Cowboy’s e-bike assembly. This change aimed to improve delivery times and enhance customer support eventually, although it also led to some short-term issues during the transition from Hungary. The announcement today indicates that Rebirth Group is now even more invested in Cowboy’s success.

Cowboy explained that an expensive recall of its Cruiser ST, following the post-covid boom that has affected the e-bike industry, marked “the most challenging period in the company’s history.” The recall, as per Cowboy, was due to an “unauthorized modification from a supplier.”

With the financial backing secured, replacement frames prepared, and the first recall hub operating (with more to follow), Cowboy states that operations and production are on track to gradually normalize.

“Our main goal is to resume normal operations by year-end, in collaboration with our new partner,” Cowboy stated in a press release. “This involves providing exceptional bikes, addressing outstanding issues, and achieving the service level our customers expect.”

Cowboy says it will provide updated progress in September.