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Mavic put into receivership in France

Published May 7, 2020
Company had been managed by a turn-around firm since February. Regent, which announced it had bought the brand last March, has no comment.

ANNECY, France (BRAIN) — Mavic has been put into receivership at the French commercial court in Grenoble, after being put under the management of a turnaround firm in February.

There is some confusion about the ownership of the company, which dates to 1889. Representatives at Mavic and at Regent LP did not immediately respond to inquiries from BRAIN. Regent LP, a California investment group, announced last March that it had agreed to buy the brand and said in July that it had completed the purchase.

French business filings obtained by BRAIN show Mavic is owned by M Sports International LLC, a Delaware-registered company. 

A representative from Mavic's labor committee told the French news agency AFP that he learned there is no financial connection between the two. M Sports was registered in February 2019. A French business filing from February this year notes that M Sports International was being represented by Michael Reinstein, who is the chairman of Regent.

A representative from Alta Cycling Group, which also is owned by Regent, referred questions to Regent. 

The Regent website lists Mavic as part of its portfolio, saying the purchase was completed in July 2019. 

In February, Gary Bryant, who had been Mavic's president, resigned from that position. Renaud le Youdec was named president as a representative of By Saving!, a French turnaround company. 

Amer, which still owns Enve, was purchased by a Chinese consortium last year. 

The AFP article said Mavic will be under "an observation period" by the court for six months. 

In an interview with BRAIN last August, Bryant talked about reestablishing Mavic as a standalone bike brand within Regent. "It's a lot like being a start-up, except we already have significant revenue," Bryant said. "A 130-year-old start-up."

Bryant had been managing director of Mavic for several years before being named president last July, replacing Jean-Marc Pambet.

Mavic's headquarters near Annecy, which it shared with the ski brand Salomon.

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