PLUTA advises Bike Tree GmbH on acquisition of Winora Staiger business operations
Within the PLUTA team, attorney Mr Martin Jungclaus has been responsible for the legal drafting and structuring of the purchase agreement. Attorney Dr Karl-Friedrich Gulbins has taken charge of all labour law matters. Throughout the entire M&A process, from the initial drafting of the agreement through to its signing, the team has worked closely with all involved to make this solution a possibility.
Bike Tree GmbH is part of the Tri Star Group/DuTech headquartered in Singapore. It has acquired the key assets, including the WINORA and HAIBIKE bicycle brands, by way of an asset deal. The transaction was closed on 1 November 2026.
“We advised the buyer from the start of the process through to the signing of the purchase agreement. This is a good solution for our client: with WINORA and HAIBIKE, Bike Tree GmbH has acquired two long-established bicycle brands,” said PLUTA attorney Mr Ivo-Meinert Willrodt.
Sennfeld facility to continue operating
In particular, the acquisition covers the brands, the stock, selected operating equipment and business assets, and the technical and commercial expertise. The business will continue operating with 87 employees. The acquisition will result in job losses, which will be implemented in consultation with the works council in accordance with a balance of interests agreement. The apprenticeship positions will be retained.
Bike Tree GmbH plans to maintain operations at the Sennfeld site with the employees taken on as part of the acquisition and to continue to develop the WINORA and HAIBIKE brands. It will be able to draw on the Tri Star Group’s experience and network in the cycling industry for this.
Target company under debtor-in-possession proceedings
ACCELL Germany GmbH and its German subsidiaries Winora Staiger GmbH, Ghost-Bikes GmbH and Engelbert Wiener Bike Parts GmbH had filed for the opening of debtor-in-possession insolvency proceedings with the Local Court of Schweinfurt on 5 August 2026. On 29 October 2026, the court opened the insolvency proceedings for the assets of Winora Staiger GmbH. That same day, Mr Lei Chen, managing director of Bike Tree GmbH, and Mr Joost van Schaik, as managing director of Winora Staiger GmbH, signed the purchase agreement.
Since the provisional debtor-in-possession proceedings were ordered, the GRUB BRUGGER team led by restructuring expert Mr Martin Mucha has worked with management under Mr Joost van Schaik to press ahead with the restructuring of the German ACCELL Group and develop a solution for Winora Staiger GmbH. In an international M&A process managed from the Netherlands, numerous interested parties were approached and various options for continuing operations were explored. Attorney Dr Stefan Debus, a partner at law firm Müller-Heydenreich Bierbach & Kollegen, was appointed insolvency monitor. In debtor-in-possession proceedings, responsibility for the company remains in the hands of management. The court appoints an insolvency monitor rather than an administrator, and their role is to oversee the proceedings in the interests of the creditors.
Bike Tree GmbH based in Mechernich is part of the Tri Star Group/DuTech. It was established as the acquiring company for the business operations and assets of Winora Staiger GmbH. Mr Lei Chen is the managing director. DuTech is a world leader in the development and manufacture of security products and has more than 3,850 employees in Europe, North America and Asia. In Germany, DuTech already employs more than 850 people. The DuTech Group generates annual sales of 450 million euros, including in the e-bike business. It is headquartered in Singapore and owned by US entrepreneur Dr Johnny Liu.