The rollercoaster ride surrounding the Accell bicycle group continues: things now seem to be looking up again. The Singapore-based Dutech Group has acquired parts of the company. According to unanimous reports in the Dutch media, the takeover of Accell’s Dutch bicycle brands, including Batavus, Koga and Carqon, has been finalised. The transaction also includes Accell’s Hungarian operations. Dutech is already established in the European bicycle market and has experience in acquiring insolvent companies. In 2023, the group took over the assets and workforce of the Prophete Group as part of a transfer-based restructuring. Since then, Dutech has been offering bicycles and e-bikes under the Prophete, Kreidler, vsf fahrradmanufaktur, Rex and e-bike manufaktur brands. Dutech Holdings Limited is a leading systems manufacturer in the field of security technology and ticketing machines. The company was listed on the Singapore Stock Exchange until 2021. In Germany, the DB ticketing machines are supplied by Dutech.
Dutech had been looking to take over Accell for a long time
Dutech is an old acquaintance of Accell’s: the takeover had already been planned before Accell’s acquisition. In July, the German Federal Cartel Office had approved an application for the takeover. However, in a complete surprise, the takeover did not go ahead and Accell slid into insolvency. There is now one major difference compared with the takeover planned at that time: Dutech is acquiring only selected assets – for example, the rights to the brands. This approach is not unusual in the case of ailing companies and offers several advantages. The debts, unprofitable contracts and liabilities remain with the insolvent parent company and are settled from the insolvency estate. The buyer can often acquire valuable parts of the business below market value because time is of the essence. When brand rights are purchased specifically, the buyer secures the existing customer base, the trust placed in the brand and its brand awareness. They can integrate the brand into their own infrastructure without having to shoulder the production or administrative costs of the former company. There is no guaranteed future for employees within a new structure. The buyer can cherry-pick individual assets from the insolvency estate without assuming any obligations.
What will happen to the German subsidiaries?
The most pressing question remains unanswered: what will happen to the German subsidiaries? The German companies within the Accell Group had filed for insolvency proceedings under their own administration. The companies affected are Accell Germany GmbH, based in Sennfeld, and its subsidiaries Winora Staiger GmbH, based in Sennfeld, Ghost-Bikes GmbH, based in Waldsassen, and Engelbert Wiener Bike Parts GmbH, based in Sennfeld. The applications were filed with Schweinfurt Local Court on 5 August 2026. The companies are continuing their business operations during the provisional self-administration proceedings. According to the companies, the aim of the proceedings is to restructure the business and find an investor solution for the German operations. Around 370 employees at the German sites are anxious about their future. Whilst wages and salaries are temporarily safeguarded by insolvency payments under the self-administration proceedings that have been initiated, the long-term future of the employees remains uncertain.
What makes Accell so important to the cycling market?
Accell Group is a major European player in the e-bike sector and, according to its own figures, the second-largest supplier of bicycle parts and accessories. Its staff work closely with tens of thousands of local dealers across Europe. The group manufactures bicycles and e-bikes under the Haibike, Ghost, Winora, Batavus, Sparta, Koga, Lapierre and Raleigh brands, as well as cargo bikes under the Babboe and Carqon brands. According to information on the company’s website, Accell has 2,000 employees across 15 countries – four years ago, the figure stood at more than 3,500.
Kristian Bauer
Editor