This September 26, the Troyes commercial court established the conditions under which Rebirth is authorized to take over Cycleurope France.
The Rebirth group, an electric bicycle specialist, acquired on Thursday the production site in Aube and the activities of Cycleurope France, which produces the iconic Gitane bicycles and Peugeot Cycles, thus intending to double its production. Rebirth, which already owns the Solex and Cycles Lejeune brands, “recovers 100% of the workforce” of Cycleurope France, which employs nearly 150 people, “and is a continuation of the project initiated by the Grimaldi group”writes the group in a press release.
Former shareholder Grimaldi “decided to withdraw from the French market” to concentrate its activities in Sweden and Italy, explained Grégory Trébaol, founder and president of Rebirth. He assures that if Cycleurope France has “experienced some financial difficulties in recent years despite a favorable market”the company “was still in a positive economic activity, had turnover, had brands”.
Cycleurope France owns the almost century-old Gitane brand and produces Peugeot Cycles bicycles via a license with Stellantis, as well as Véligo, electric bicycles for rental in Île-de-France. Rebirth takes over Cycleurope France following a conciliation procedure with the company’s creditors, approved Thursday by the Troyes commercial court.
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Rebirth also plans to build new factories
“The investment we made was used in part to cover the debt”indicated Grégory Trébaol, adding that this debt amounted to “a little less” of 25 million euros. Rebirth is now aiming for an overall production of 200 to 250,000 bicycles per year, or approximately double the capacity of its factory in Saint-Lô (Manche), which today stands at 120,000 bicycles and electrically assisted bicycles per year.
Rebirth plans to build a new factory in Aube, in Romilly-sur-Seine, to replace the current site, judged “aging”. With these two factories, in Saint-Lô and Romilly-sur-Seine, Rebirth wants to get closer to “10 to 12% of annual sales of bicycles in France, muscle bikes and electric bikes”Grégory Trébaol projects.
As part of this takeover, Rebirth also acquires the affiliated Velo & Oxygen stores, specializing in the sale and repair of cycles. According to its founder, Rebirth, which underwent legal recovery in 2019, now employs around 100 people, for an annual turnover of “between 30 and 35 million euros”of the same order of magnitude as that of Cycleurope France in 2023.
