How Gijsbert de Zoeten is Spearheading Accell Group’s Bounce Back with Drastic Debt Restructure

Many sectors are still grappling with the long-term financial impact of the pandemic. The bicycle industry is no exception, so it came as little surprise in March 2024 when Accell Group, one of Europe’s leading bicycle manufacturers, appointed finance veteran Gijsbert de Zoeten as its new CFO.

De Zoeten has recently announced a drastic debt restructuring strategy to enable the organisation to bounce back following a difficult start to the decade.

A Veteran CFO for Publicly Listed and PE-Backed Companies

De Zoeten has built a reputation for producing sustainable growth in publicly listed and private equity-funded companies. He’s held a series of CFO positions since 2008, taking on the role of CFO at Unilever Europe after 25 years with the organisation.

He subsequently joined LeasePlan Corporation, a global car leasing company, where he oversaw its transition into an integrated business structure and prepared the company for an IPO (IPO withdrawn just before planned listing due to market conditions).

Prior to his role at Accell, De Zoeten served as CFO at Inchcape PLC in London. He was responsible for navigating the global automotive distributor and retailer through the pandemic, along with implementing a substantial restructuring programme and a focus on M&A, where he led a major acquisition in Latin America (£1.3bi).

Realisation of significant Debt Restructuring

Accell Group is formerly an Amsterdam-listed company and one of the biggest players in Europe’s bicycle industry, selling more than 500k bicycles from its portfolio of brands. It was taken private following an acquisition led by KKR Capital in 2022. Accell is Europe’s leader in e-bikes and the second market leader in bicycle parts and accessories with a focus on innovation and sustainability.

Under De Zoeten’s leadership, Accell is taking significant steps to turn around its financial position following an agreement with its stakeholders to reduce its corporate debt. The company struggled financially due to excess inventory and falling demand during the pandemic.

The recapitalisation implementation is expected by Q1 2025 to cut Accell’s debt by an estimated 40%, expected to reduce it to €800 million from €1.4 billion. This debt restructuring is expected to provide €235 million in cash funding with the restructured debt due in 2030.

Where De Zoeten Takes Accell Group Next

De Zoeten’s radical debt restructuring strategy is expected to strengthen Accell’s cash position and provide more financial resilience, enabling the company to invest in its long-term future. A manufacturing restructuring to reduce capacity has been completed and with demand expected to stabilise in 2025, Accell plans to expand with the introduction of new models across its brands.

Gijsbert de Zoeten has extensive experience navigating restructurings and financial turnarounds, expertly positioning him to bring Accell Group through this financial restructuring phase. With renewed financial stability, Accell Group can focus its attention on its industry-leading e-bike development and implement further sustainability measures.