Looking back to November 2024. Burdened by losses (28 million euros in 2023) and debts (258 million), the official supplier of the French Olympic team, with a turnover of 121 million euros, is placed in judicial reorganization. The judicial administrator, the iconic Hélène Bourbouloux, is assigned a “Mission 3”. This clause, rarely used, allows judicial administrators to take on a role of management and representation of the company during the period of judicial reorganization. “To justify it, the administrators wanted to show that Marc-Henri Beausire was depressed,” recounts one of the company’s creditors, which has been around for nearly 150 years. Beausire then tries to prove the opposite, medical certificate in hand. “In any case, this clause is used in extraordinary situations,” assesses a lawyer. “Perhaps there were significant anomalies in the accounts, for example.” Consequently, the CEO, who had bought Le Coq Sportif 20 years ago with his Airesis fund, is hindered in his project to present a continuation offer with the Iconix group (which owns Lee Cooper).
“Deliberate Exclusion Intent”
In December 2024, facing an urgent need for cash at Le Coq, Iconix proposes to finance the observation period. The cash needs are then estimated at 12 million euros. Ultimately, these are re-evaluated to 16 million, and are provided by Dan Mamane, who positions himself for the takeover. Thanks to an interest rate of 12% over one year, he reaps significant profits from this loan. “Iconix was unable to put up the money!” it is estimated in his circle. In the opposing camp, it is judged that the deadlines given to Iconix to find the money were impossible to meet, and that this was therefore “a first strong signal of a deliberate intention to exclude.” The tug-of-war is already intensifying between the Beausire and Iconix camp, and the Mamane camp.
By early 2025, the eve of the battle is set. Each camp refines its offer, raises funds, and squabbles over access to the data room. In May, the two offers are publicly revealed. On one side, Beausire, Neopar, and Iconix join forces with a star-studded cast (Xavier Niel, Teddy Riner, the Camuset family – founders of the brand). Some praise this powerhouse team, while others see it as a publicity stunt. “Of the 60 million this offer wants to put in, Niel and Riner only contribute 100,000 euros,” downplays a source close to the case. On the other side, Dan Mamane, more understated, allies with the Mirabaud Patrimoine Vivant fund (Renaud Dutreil), a minority shareholder of Le Coq, and recruits Alexandre Fauvet (former Fusalp). But no famous names are poached, even if that of Amélie Oudéa-Castéra circulates for a few weeks. Cédric Meston (Happyvore), acquirer of Tupperware, also enters the fray, first discussing with Marc-Henri Beausire and his associates, before joining the Mamane camp.
Accusations of Favoritism
Beyond appearances, each side presents its arguments. The Neopar side explains its desire to preserve 20 additional jobs, maintain the brand’s popular dimension, and further internationalize it. Emphasis is also placed on the origin of the funds for the offer, mainly from France, whereas the rival offer draws its financing mainly from the United Arab Emirates, Switzerland, and Malaysia. On the Mamane side, a necessary move upmarket is assumed, similar to Lacoste, to reach a turnover of 300 million euros, and it is explained that at least 10 million euros more are on the table (which the other camp contests), of which 20 will go to creditors. The offer defended by Alexandre Fauvet – future CEO – also criticizes Neopar’s choice to sell the license for the exploitation of the Le Coq Sportif brand in the United States to Iconix, which would deprive the company of this key asset. The camp supported by Teddy Riner retorts that Mamane would already be looking to sell the entire company for 75 million euros – which he contests.
Very quickly, throughout the debates, Dan Mamane’s offer becomes the big favorite. The Works Council of Le Coq Sportif votes in its favor. The administrators, the creditors – who would be better treated there – as well as the Urssaf seem to be more sensitive to it. “It’s the first time there’s unanimity against an offer,” smiles a source close to the Mamane camp. On the other side, frustration grows, and they feel sidelined. “There are a lot of conflicts of interest,” points out one of Mamane’s detractors. “Alexandre Fauvet is a former from the ski brand Fusalp, Mirabaud has also invested there… And the president of the commercial court, Patrick Sayer, is an investor in Fusalp! There’s favoritism!”
“Personal Vendetta”
Marc-Henri Beausire, already scandalized by his exclusion through “Mission #3”, cannot stand to see the offer he would have supported as a minority shareholder (with 7% of the capital) swept away like this. A letter from the August Debouzy firm is then sent, requesting the reopening of debates that have so far been biased, and publicly challenging the neutrality of Hélène Bourbouloux. She, in turn, denounces in the Monde a destabilization attempt. “Those who think you can instrumentalize Hélène Bourbouloux, they’ve never had a drink with her,” smiles an acquaintance of the most famous French judicial administrator. And the same source hints that Marc-Henri Beausire had already quarreled with Joanna Rousselet, the previous administrator in charge of the case.
On the side of the allies of the CEO of Airesis, the forceful initiative – which remains unanswered by the economic affairs court – does not meet with unanimous approval. “It wasn’t the consortium that wanted to send this letter, we didn’t want to go that far,” estimates a source. “Even though we agree with this assessment, we’re not sure what kind of results this kind of letter can have.” Evidently, in any case, the letter did not shake the economic affairs court. The entourage of Marc-Henri Beausire, however, perseveres, and already threatens to appeal and various other legal actions. His lawyer, Edouard de Lamaze, estimates: “He was plundered after investing tens of millions of euros in Le Coq Sportif for years!” Another acquaintance denounces “a personal vendetta.” His opponents are annoyed: “Marc-Henri Beausire has a problem with grasping reality, he’s in denial.” No doubt the debates are likely to continue in court.
