ANNECY, France (BRAIN) — A French newspaper is reporting that a business lawyer is planning to "save" Mavic, which was placed in receivership earlier this month.
According to L'Equipe — a paper that is owned by ASO, which also owns the Tour de France and other major cycling events — lawyer Didier Poulmaire is working with "a small group of experts from the bicycle manufacturing, distribution, events and marketing sector and two renowned ex-professional riders" to help revive Mavic.
The California investment group Regent LP bought Mavic from Amer Sports last year. A Regent principal recently told BRAIN that he hoped the receivership process, similar to a Chapter 11 filing in the U.S., would allow Mavic to shed some expenses and attract more outside investment.
A labor group at Mavic's headquarters near Annecy has complained that the acquisition was mysterious, noting that business records show the 2019 acquisition was by a company called M Sports International, not Regent. But Regent said there's no mystery: M Sports is a corporation it controls and which it set up to facilitate the acquisition, a common business practice.
The labor group also has said that the new owner has failed to invest in the brand since the acquisition.
Poulmaire told L'Equipe his group's aim was to save jobs and preserve Mavic's legacy. Mavic has about 200 employees in France.
Since February, Mavic has been managed by a French turn-around company called By Saving!. The receivership process is being conducted by the business court in Grenoble. Bids for investment are being accepted until June 2.
Mavic's North American operations are legally distinct from the French company and continue to operate as usual, according to David Steinhafel, the CEO of Mavic USA and a principal in Regent LP.
