GRENOBLE, France (BRAIN) — The French investment group Bourrelier, the former owner of the Bricorama home improvement retail chain, appears to be set to take over Mavic, which is in receivership.
According to French news reports, the Grenoble commercial court that is overseeing the receivership approved Bourrelier's bid on Tuesday. Fourteen organizations had made bids to take over the company, although at least two of those bids were withdrawn before the court made its decision. Among the bidders were a group that included Tour de France hero Bernard Hinault.
According to the reports, the Bourrelier group provided a plan that would protect 105 jobs at Mavic, about half the current employees. The plan would maintain Mavic R&D facilities in Annecy, France and production in St. Triviers.
Regent LP, a California-based group, acquired Mavic from Amer Sports last year. Regent — which also acquired the Redline, iZip and Diamondback brands from Accell Group last year — told BRAIN that Mavic's U.S. operations are unaffected by the receivership in France. However, it's unclear what role Regent plays in the French receivership process, and several U.S. dealers have told BRAIN that communication and customer service from Mavic USA has been problematic this year.
A group that represents labor at the Mavic facility near Annecy, France, has complained in the French media that Regent did not invest in Mavic after the acquisition.
David Steinhafel, the CEO of Mavic USA and a principal in Regent LP, has declined to comment on the receivership because of on-going legal disputes.
