Bike Firm Accell Handed Over to Lenders as KKR Admits Defeat

KKR & Co is handing ownership of struggling Accell Group to its lenders, sweetening the deal with a cash injection in the second financial restructuring at the bicycle company in just over a year.

As part of the transfer announced Wednesday, shareholders including KKR will inject roughly €30 million ($35.5 million) in cash into the business, according to people familiar with the matter, who asked not to be named. A spokesperson for KKR declined to comment. Accell did not immediately respond to a request for comment.