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KKR has handed control of Accell Group to the Dutch bicycle manufacturer's lenders, calling it quits on a deal that wiped out its initial equity contribution of more than €1.1 billion.

KKR acquired the owner of the Raleigh, Lapierre, and Babboe brands in 2022 for around €1.8 billion, running with the thesis that a recent boom in cycling and e-bikes was part of a long-term secular trend.

Instead, market growth proved fleeting, driven largely by a COVID sales bump as consumers avoided public transport and sought out alternative outdoor exercise options.

The handover, announced last Wednesday, is the second restructuring of Accell in just over a year.

As part of last week's transaction, shareholders, including KKR, will inject roughly €30 million to keep the business running through the ownership transition, according to people familiar with the matter.

Lenders agreed to write off approximately €850 million of 1.5-lien, second-lien, and holding-company level debt, with around €270 million of super-senior financing remaining in place.

Like other COVID-related demand forecast miscues, bicycle manufacturers that had ramped up production found themselves sitting on bloated inventories, forcing heavy discounting across the industry.

KKR wasn't alone in its misread of the durability of pandemic cycling trends. Investment firm GBL wrote down its stake in German bike manufacturer Canyon by 43 percent in 2024, and leadership at brands like Specialized and Pinarello have also discussed post-pandemic financial challenges of their own.

At Accell, however, the situation may have been even worse than that of struggling peers. The company had been more aggressive in its efforts to stay stocked, dramatically over-ordering components during the pandemic supply chain upheaval. The subsequent discounting and inventory write-offs killed the company's revenue and margins, while financing costs rose as rates increased.

An untimely safety recall at the Babboe brand didn't help. Dutch authorities ordered Accell to recall more than 20,000 three-wheeled cargo bikes designed to transport children—an immediate financial hit plus a lengthy period with an important product off the market.

By mid-2023, KKR and fellow shareholder Teslin were already extending emergency loans to the company. Across several cash infusions, the new money eventually totaled around €300 million—capital that has now been wiped out alongside the original equity.

In early 2025, KKR negotiated an initial restructuring agreement that cut Accell's debt by roughly 40 percent to €800 million, extended maturities to 2030, and brought in a total of €235 million in new money from lenders and shareholders. The company also drew €100 million in super-senior financing.

That deal allowed KKR and Teslin to retain control, against objections from some of the company's creditors. Lenders holding around 17 percent of the debt voted against it, and two complained that allowing shareholders to maintain ownership while creditors took writedowns was inequitable.

Ultimately, the deal only kicked the can down the road. The prolonged industry downturn, acknowledged CFO Mohammed Hassan in last week's announcement, "undermined the impact" of last year's salvage attempt.

Lenders, who have already taken significant losses, are now stuck running a business in an industry that still shows few signs of recovery.

• Paramount Skydance (Nasdaq: PSKY) raised its all-cash takeover offer for Warner Bros. Discovery (Nasdaq: WBD) to $31 per share from $30, valuing WBD at roughly $77 billion and potentially reigniting a bidding war with Netflix, per Bloomberg.

• Johnson & Johnson (NYSE: JNJ) is exploring the sale of its orthopedics unit, DePuy Synthes, which could be valued at more than $20 billion, per Bloomberg.

• Brookfield Asset Management (NYSE: BAM) acquired Ori Industries, a UK-based AI cloud infrastructure provider, and merged it into Radiant, a newly created vertically integrated AI infrastructure business.

• MiniMed Group, a diabetes device carve-out from Medtronic (NYSE: MDT), set terms for its Nasdaq IPO at 28 million shares priced at $25–$28, targeting $742 million in proceeds at a valuation of up to $7.9 billion.

• Gilead Sciences (Nasdaq: GILD) agreed to acquire Arcellx (Nasdaq: ACLX), a biotech developing CAR-T cell therapies for multiple myeloma, for $7.8 billion, or $115 per share in cash plus a $5 per share CVR.

• KKR is in final discussions to take Taiyo Holdings, a Japanese chemical manufacturer, private in a deal valued at over $3.6 billion, per Bloomberg.

• An investor consortium led by Affinius Capital, in partnership with Vista Hill Partners, agreed to acquire Veris Residential (NYSE: VRE), a Northeast-focused Class A multifamily REIT, for $3.4 billion.

• CECO Environmental (Nasdaq: CECO) agreed to acquire Thermon Group Holdings (NYSE: THR), a provider of industrial process heating solutions, for $2.2 billion.

• Mavis Tire Express Services, an auto repair and tire service provider backed by BayPine, TSG Consumer Partners, and Neuberger Berman, has selected Goldman Sachs and Bank of America to lead a US IPO that could value the company at around $2 billion, per Bloomberg.

• Bain Capital and Lone Star Funds have advanced to a second round of bidding for Mitsubishi Electric's automotive equipment business, which could fetch around $1.9 billion, per Bloomberg.

• KKR (NYSE: KKR) agreed to acquire a majority stake in XCL Education Holdings, a Singapore-based K-12 school operator, for around $1.3 billion from TPG, per Bloomberg.

• Kinderhook Industries agreed to acquire Enhabit (NYSE: EHAB), a home health and hospice provider, for $1.1 billion.

• Global Medical Response, a KKR-backed air and ground emergency medical services company, has selected JPMorgan and Bank of America to lead a US IPO that could raise around $1 billion, per Bloomberg.

• GSK (NYSE: GSK) agreed to acquire 35Pharma, a Canada-based clinical-stage biopharmaceutical company developing TGF-beta superfamily therapeutics for pulmonary hypertension, for $950 million; backers include VenBio, Marshall Wace, and Frazier Healthcare Partners.

• Carousel Capital-backed Palmetto Infusion Services, a specialty infusion services provider, has received check-in bids from sponsors including GTCR in an auction targeting a $500 million valuation, per Axios.

• Hamilton Lane, Braemont Capital, and Delta-v Capital invested $500 million in VFN Holdings (Vero Networks), a Boulder, Colorado-based fiber infrastructure and broadband internet provider.

• Morgan Stanley Capital Partners acquired Security 101, a West Palm Beach, Florida-based commercial security integration provider, from Gemspring Capital.

• QC Capital Group invested in My Pediatric Doctor, a 24/7 urgent care pediatric telemedicine company.

• Capitolis agreed to acquire the U.S. secured financing platform from 20 Gates Management, a New York-based investment management firm.

• CUBE, backed by Hg, acquired 4CRisk.ai, a Silicon Valley-based RegTech firm specializing in agentic AI-powered compliance and risk mapping.

• GHK Capital Partners acquired CPL, a Rochester, New York-based architecture, engineering, and consulting firm.

• OceanSound Partners acquired Automated Financial Systems (AFS), an Exton, Pennsylvania-based provider of commercial loan servicing and lifecycle management software for financial institutions.

• Angeion Group, backed by Renovus Capital Partners, acquired MedQuest Ltd., a New York City-based legal services firm supporting personal injury and medical malpractice litigation.

• Amberjack Capital Partners acquired a majority stake in CIMA Services, a Houston-based waste management, environmental remediation, and industrial services provider serving the Gulf Coast.

• Experian (LSE: EXPN) acquired AtData, an email address intelligence platform, from TZP Group.

• Shamrock Capital acquired Mutiny, a Los Angeles-based creative agency serving gaming publishers and brands, from Trailer Park Group.

• BayHawk Capital invested in Gridco, a Birmingham, Alabama-based provider of maintenance, upgrade, and construction services to electric utilities.

• RevSpring, a portfolio company of Frazier Healthcare Partners, acquired TrustCommerce, a provider of integrated healthcare payment and security solutions, from Waud Capital Partners.

• L Squared Capital Partners acquired Functional Devices, a Sharpsville, Indiana-based provider of field devices for building automation and emergency lighting systems, from Shorehill Capital.

• OneMagnify, a portfolio company of Crestview Partners, acquired the Performance Marketing business of Optimal.

• Visa (NYSE: V) agreed to acquire Prisma Medios de Pago and Newpay, two Argentine payments platforms, from Advent International.

• Uber (NYSE: UBER) agreed to acquire SpotHero, a digital parking reservation marketplace, from Macquarie Capital.

• WestView Capital Partners made a minority investment in Benefits All In, a Cincinnati-based provider of employee healthcare benefit navigation and risk management solutions.

• Arcline Investment Management agreed to acquire Hydraulics International, a Chatsworth, California-based provider of ground support equipment, mobile test systems, and specialized pumps for A&D and industrials uses.

• Scale Microgrids, a portfolio company of EQT Transition Infrastructure, acquired Reload, a US-based platform that sites, designs, and permits gigawatt-scale data center campuses with on-site power infrastructure.

• Green Heron Partners invested in Regency Plumbing Contractors, a Houston-based commercial plumbing contractor.

• Somersault, a portfolio company of Hidden River Strategic Capital, acquired six The Little Gym locations across the South Bay and San Jose, California markets.

• Center for Social Dynamics, a portfolio company of Goldman Sachs Alternatives, acquired Behavior Change Institute, an Albuquerque-based autism services provider.

• Nokken, a portfolio company of Brook Capital, acquired Space of Mind, a Finnish maker of modular wellness cabins and saunas.

• On Track Partners, a portfolio company of NorthCurrent Partners, acquired Carey's Seamless Gutters & Overhead Doors, a southern Wisconsin provider of gutter systems and garage door services.

• Superior Environmental Solutions, a portfolio company of Palladium Equity Partners, acquired ChemWorx, a Decatur, Alabama-based specialized chemical cleaning services provider.

• HKW acquired Handling Systems and Conveyors, a Little Rock, Arkansas-based provider of crane, hoist, conveyor, and tooling solutions for aerospace and defense, industrial manufacturing, and transportation markets.

• Victor Capital Partners acquired Specialty Fenestration Group, a maker of high-security windows and doors, from River Associates Investments.

• Topspin Consumer Partners invested in Grid, a Dallas-based manufacturer of lockers and performance flooring for fitness and athletic facilities.

• Peak Rock Capital agreed to acquire the EHS software business of UL Solutions (NYSE: ULS), which provides employee health and safety and occupational health management software.

• CargoSprint, a portfolio company of Lone View Capital, acquired Dray Dog, a port drayage software platform for drayage operators.

• Bregal Sagemount acquired a majority stake in Harbor Compliance, a Lancaster, Pennsylvania-based entity compliance solutions provider serving nonprofits and mid-market companies.

• Bain Capital has paused the sale process for Basic Home Infusion, a home infusion provider for patients with intrathecal pumps, over valuation concerns, per Axios.

• L Catterton acquired a significant minority stake in Ex Nihilo, a Paris-based luxury fragrance house, from Eurazeo.

• Dynamic Campus, a portfolio company of Atlantic Street Capital, merged with CampusWorks, a Sarasota, Florida-based IT services and strategy provider for higher education institutions.

• Kava Equity Partners acquired The Berg Group, a Minnesota-based commercial drywall and specialty construction contractor.

• DAE Capital, a Dubai-based aircraft lessor, is nearing a deal to acquire a controlling stake in Macquarie AirFinance, an Irish aircraft leasing platform, per Bloomberg.

Tech, Vertical SaaS, & Misc. Enterprise

• MatX, a Mountain View-based AI chip developer for large language models, raised $500 million in Series B funding co-led by Jane Street and Situational Awareness, with participation from Marvell Technology, NFDG, and Spark Capital.

• SambaNova Systems, a Palo Alto-based AI inference chip company, raised $350 million in Series E funding co-led by Vista Equity Partners and Cambium Capital, with participation from Intel Capital.

• Axelera AI, an Eindhoven-based company developing semiconductors for edge AI inference, raised more than $250 million in new funding led by Innovation Industries, with participation from BlackRock, SiteGround Capital, Bitfury, CDP Venture Capital, European Innovation Council Fund, SFPIM, Invest-NL, Samsung Catalyst Fund, and Verve Investments.

• Basis, a New York-based AI agent platform for accountants, raised $100 million in Series B funding at a $1.15 billion valuation led by Accel, with participation from GV, Khosla Ventures, NFDG, Better Tomorrow Ventures, BoxGroup, and Avid Ventures.

• Fluidstack, a New York-based AI GPU cloud infrastructure provider, raised $100 million in new funding from Google, as part of a deal valuing the company at $7.5 billion.

• Profound, a New York-based platform that helps brands optimize visibility in AI-powered search engines, raised $96 million in Series C funding at a $1 billion valuation led by Lightspeed Venture Partners, with participation from Sequoia Capital, Kleiner Perkins, Saga VC, South Park Commons, and Evantic.

• Dwelly, a London-based platform that acquires and digitizes independent UK letting agencies, raised £69 million in a combination of equity and debt, including a £32 million equity round led by General Catalyst, with participation from Begin Capital and S16VC, alongside a £37 million debt facility from Trinity Capital.

• SolveAI, a London-based no-code platform for building compliant enterprise software via natural language, raised $50 million in combined funding, including a $45 million Series A led by GV and a $5 million pre-seed led by Accel, with participation from Northzone, Mantis VC, and NeverLift.

• Nimble, a New York-based platform that structures live web data into queryable datasets for enterprise AI, raised $47 million in Series B funding led by Norwest, with participation from Databricks Ventures, Target Global, Square Peg, Hetz Ventures, Slow Ventures, R-Squared Ventures, J-Ventures, and InvestInData.

• Union.ai, a Bellevue-based AI development platform built on the open-source Flyte framework, raised $38.1 million in Series A funding led by NEA, with participation from Nava Ventures and Mozilla Ventures.

• Slang AI, a voice AI platform for the hospitality industry, raised $36 million in Series B funding led by U.S. Venture Partners, with participation from Thayer Investment Partners, Homebrew, Stage 2 Capital, Active Capital, Wing VC, Collide Capital, and Underscore VC; the round comprised $28 million in equity and $8 million in debt, bringing total funding to $68 million.

• Astelia, a New York-based exposure management platform, raised $35 million in combined seed and Series A funding co-led by Index Ventures and Team8, with participation from Holly Ventures.

• Portkey, an AI gateway platform for governance, observability, and cost management in production, raised $15 million in Series A funding led by Elevation Capital, with participation from Lightspeed.

Fintech

• Inscope, a San Francisco-based financial reporting platform for accounting firms and enterprises, raised $14.5 million in Series A funding led by Norwest Venture Partners, with participation from Storm Ventures, Better Tomorrow Ventures, and Lightspeed Venture Partners.

• Based, a Singapore-based crypto trading and spending app, raised $11.5 million in Series A funding led by Pantera Capital, with participation from Coinbase Ventures, Wintermute Ventures, and Karatage.

• Neural Earth, a Miami-based geospatial risk intelligence platform for insurance and real estate, raised $9.3 million in seed funding from strategic investors across the insurance, real estate, and technology sectors.

Consumer & Media

• Subject, a Beverly Hills-based K-12 education platform, raised $28 million in Series A funding led by Vistara Growth, with participation from NextEquity Partners, Green Street Impact Partners, Outcomes Collective, Kleiner Perkins, True Equity, L'Attitude Ventures, and Hannah Grey.

• Giant, an AI-powered interactive storytelling platform for child creators, raised $8 million in seed funding co-led by Matrix, Decasonic, and Griffin Gaming Partners, with participation from Perceptive Ventures, Flex Capital, Arbitrum Gaming Ventures, Unpopular Ventures, and LightShed Ventures.

Healthcare

• Slate Medicines, a Raleigh, North Carolina-based biotech developing anti-PACAP therapies for migraine, raised $130 million in Series A funding co-led by RA Capital Management, Forbion, and Foresite Capital.

• Ten63 Therapeutics, a Durham, NC-based AI drug-discovery company developing small-molecule therapies for undruggable targets, raised $22 million in new funding from Chugai Venture Fund and the Gates Foundation.

• Handl Health, an analytics platform for employer-sponsored health plan design, raised $14.2 million in Series A funding led by Arthur Ventures, with participation from Syndra Capital Partners, Mucker Capital, Riverfront Ventures, Digital Health Venture Partners, and Boutique Venture Partners.

• Coral Care, a platform for in-home pediatric speech, occupational, and physical therapy, raised $13 million in Series A funding led by Haymaker Ventures, with participation from FCA Ventures and Peterson Ventures.

• MedScout, an Austin-based commercial intelligence platform for medtech sales teams, raised $10 million in growth funding led by Fulcrum Equity Partners, with participation from Live Oak Venture Partners and Stage 2 Capital.

Industrials, Greentech, & Other

• Wayve, a London-based autonomous driving company, raised $1.2 billion in Series D funding co-led by Eclipse, Balderton, and SoftBank Vision Fund 2, with participation from Ontario Teachers' Pension Plan, Baillie Gifford, British Business Bank, Icehouse Ventures, and Schroders Capital.

• Ubicquia, a Fort Lauderdale-based infrastructure platform for grid modernization, smart lighting, and public safety, raised $106 million in Series D funding co-led by 67 Capital and Marunouchi Innovation Partners, with participation from Hamilton Lane, ClearSky, GMS, and Sercomm.

• Phoenix Tailings, a U.S.-based rare earth metals producer, raised $40.2 million in Series B-3 funding, consisting of $30.2 million in equity led by Olive Tree Capital and $10 million in venture debt from Nomura, with participation from Eni Next, Geodesic Alliance Fund, Traxys, Aether VC, Envisioning Partners, and MPower, bringing total Series B funding to $116.6 million at a $360 million valuation.

• Emerald AI, a Washington D.C.-based software platform that optimizes data center energy demand by orchestrating AI workloads between the power grid and data centers, raised $25 million in seed extension funding at a ~$250 million post-money valuation led by Energy Impact Partners.

• Sophia Space, a San Francisco-based developer of orbital computing systems and in-space data centers, raised $10 million in seed funding co-led by Alpha Funds, KDDI Green Partners Fund, and Unlock Venture Partners.

• Novacap raised nearly $3.8 billion for its seventh technology-focused buyout fund.

• Peak XV Partners raised $1.3 billion across three new funds: India Seed, India Venture, and an APAC-focused vehicle.

• Palm Peak Capital raised $374 million for its debut fund focused on lower middle market industrial and services companies across North America.

• Quantonation Ventures raised €220 million for its second fund.

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