Fox was one of many groups looking to save the wheels and apparel brand after it was placed in receivership in May. Among those remaining in the process is French lawyer Didier Poulmaire and a team of consultants including five-time Tour de France winner Bernard Hinault.
“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.”
Tutton heads up Fox’s Specialty Sports Group, made up of Easton Cycling and Race Face components, and Fox and Marzocchi suspension.
While Fox has stepped out of negotiations, 13 other groups are still interested in the buyout, including Poulmaire and Hinault’s team. The other interested parties are from a range of backgrounds, including François Guers, owner of Time bikes, and French home improvement retailers Bourrelier.
French administrators are expected to announce a decision at the end of this month, and for now, “The Badger” Hinault and his team are still in the hunt.