A consortium of investors, including Xavier Niel and the American group Iconix, has submitted a €60 million bid to acquire sports equipment manufacturer Le Coq Sportif.
Le Coq Sportif, the supplier for the French delegation at the Paris 2024 Olympics, went into administration in November and employs around 300 staff in France. The group also were the former sponsors of Brussels football club Union Saint-Gilloise.
The consortium aims to “refocus Le Coq Sportif on its DNA as an ‘accessible and popular’ brand and expand it globally with significant financial investment to revive this prestigious French brand,” according to a statement.
Union's Casper Nielsen celebrates after scoring against Standard de Liege, 3 April 2022. Credit: Belga
The project is backed 51% by Neopar, an investment firm owned by the Poitrinal family specialising in "business turnaround," 26.5% by a group of investors including Xavier Niel, athletes, and former Le Coq Sportif executives, and 22.5% by the American group Iconix, which owns brands like Umbro and Lee Cooper.
The consortium plans to inject a total of €60 million immediately, it was specified to AFP.
The project also has the support of Intersport and numerous multi-brand retailers, the statement indicated.
In March, the Grand Est region said two parties were interested in acquiring Le Coq Sportif, including one backed by the state. The region agreed to cancel 50% of its claims against the company to aid its recovery.
Le Coq Sportif owes between €60 and €70 million to public creditors. The company has received total state loans amounting to €42 million, as noted by the Grand Est region.
