The field of potential buyers seeking to takeover renowned wheel-brand, Mavic has narrowed after Fox Factory removed itself from the running. Fox Factory had previously been looking into taking over Mavic after the French company was placed in receivership in May of this year.
“We did get into due diligence with Mavic but after a deep dive I have decided to pull our bid and remove Fox from the process,” Fox Factory’s Chris Tutton told BRAIN. “That said, we are certainly looking to make acquisitions inside the bicycle industry if the fit is right for our brands.”
Although Fox has withdrawn itself from the buyout process, there are still many other parties in the running, including a François Guers, owner of Time bikes and a team of consultants which include five-time Tour de France winner, Bernard Hinault.
French administrators are expected to announce their decision at the end of July.