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 Post subject: Re:
PostPosted: Mon Jun 15, 2020 8:39 pm 
Retro Guru
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Joined: Sat Dec 17, 2011 11:11 pm
Posts: 924
There sounds like a lot of (deliberate?) misinformation and pot-stirring here from Mavic, and a LOT of misunderstanding and/or blind ignorance from websites on the while thing.

Irrespective of the harm that a lack of investment has undoubtedly caused; the ownership is pretty normal - not surreptitious, and is, in fact, industry standard.

Firstly Amer Sports didn't own Mavic, it was owned by a subsidiary of the group that Amer was also part of (so, ownership picture 'unclear' there? Apparently not..)
The new 'owners' Regent, are an LP (that's also known as a Private Equity company, or can be an Investment Fund).
Standard practice for these is to establish a subsidiary for each investment/batch of investments underneath; and commonly a separate subsidiary for each company to be bought/invested into. These are 99% of the time set up as Delaware LP's (Limited Partnership); as the US state of Delaware has no corporation taxes and an easy & cheap registry. These are usually set up as off-the-shelf shell entities, then re-named when the target investment is made.

In this case there is a Delaware LP (M Sports, geddit?) which directly owns the shares of Mavic Sa.s. The General Partner (manager) of this entity would normally be the PE company/Fund - or more commonly a specific management entity set up for turning it around, normally under the control of an expert in the industry/field of the company (in this case, cycling). It doesn't seem that this step (expert management), has yet happened.
Limited Partners also invest; they pony up cash and take profit, the largest Limited Partner will normally be the PE firm/investment fund.

The reason being that, in a turnaround, corporate filing, reporting, taxes etc are unwelcome; so Delaware is used (it's also VERY cheap to set up new off-the-shelf LPs and companies) as it has no operating taxes or costs, and an easy sale process (once the turnaround is complete, the Delaware co can be sold off wholesale, without disturbing the underlying business) - at least, that's the theory...
This company (Regent) has done it with SupaClips, La Senza, owns Diamondback, etc; successes and failures, but that's business, not (necessarily) something 'dodgy' as a 'representative' from Mavic may say.

Said spokesperson is "a representative of the employees committee", which means in plain speak, a union rep... So of course it is in his nature to denigrate the ownership structure and call it into question, as it is a Private Equity/Capital structure - which he may not grasp; or does grasp and simply seeks to denounce on the basis that it's pretty much his job to rage against capitalism.

Bad for jobs, for manufacturing, for Mavic? Yes. Bad investment, poor planning? Yep.
Unlawful, unintelligable, questionable? Not really.

 Post subject: Re: Mavic gone tits up
PostPosted: Tue Sep 29, 2020 2:33 pm 
retrobike rider
retrobike rider
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Joined: Tue Jan 29, 2008 11:04 pm
Posts: 2587
Location: A wretched hive of scum and villainy...
Well...the mess seems to have been sorted.

"After months of receivership and fourteen bidders", Mavic SAS is now sold on to the Bourrelier Group: ... m-10138833
Bike-Europe-Mavic-focus-on-wheels-560x373.jpg [ 74.29 KiB | Viewed 445 times ]
Emphasis on wheels, not soft goods, still with EU manufacturing, mostly in Romania.

No mention of bringing back the 26" 217 Sunset rim :roll: and not clear if they paid Amer, Delaware or Regent for the company... :D

All the best,

 Post subject: Re: Mavic gone tits up
PostPosted: Wed Sep 30, 2020 4:31 pm 
Old School Grand Master
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Joined: Tue Feb 17, 2009 1:16 pm
Posts: 6441
Does anyone want to buy a pair of unused 2020 Ksyrium road wheels? The adapters I need to run them on Esatto don't exist/are hen's teeth. Nice work Mavic :roll:

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