As lockdowns gripped Europe in late 2020, KKR was battling to plant its flag in one of the pandemic’s winning industries.
The private equity pioneer lost out that year in its bid for German road bike maker Canyon, a darling of Instagram. But bankers later pitched KKR’s dealmakers a consolation prize: Accell, a less modish Dutch manufacturer.
It led to an investment that could become one of the New York buyout giant’s worst in Europe.
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