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 …read more