Accell - English scheme of arrangement

Accell, a Dutch e-bike group, is pursuing an English scheme of arrangement.

The company, which is owned by global investment firm KKR, is the European market leader in e-bikes and second largest in bicycle parts and accessories.

Last month, the company announced that it intended to undergo a debt restructuring that would see its debt cut by about €600 million (about 40% of its total debt) from about €1.4 billion to about €800 million. The deal is led by KKR, which acquired Accell in 2022, and includes a recapitalization, with €235 million of new funding to be injected into the business.

Accell has now secured the support of approximately 80% of its senior lenders and is proceeding with implementation by way of a UK scheme of arrangement.

Kirkland is assisting the company.