Franklin advises the purchaser of the activities of the French companies Mulann Industries and Mulann SA
Franklin law firm assisted the purchaser of the activities of the French companies Mulann Industries and Mulann SA, which have been in receivership since 8 September 2020.
The Mulann group specialises in the manufacture of magnetic tapes. It is positioned on two niche markets. Its Security activity with the manufacture and maintenance of smart cards and magnetic cards for card and ticket manufacturers (transport, banking…) and its Audio activity for audiophiles and music professionals.
Mulann Industries, located in Avranches, has been labelled a “Living Heritage Company” since July 2020.
The purchaser is an European group which holds investments mainly in the music industry (including vinyl record factories), but also in the photography, fashion, fitness and lifestyle, technology, renewable energy and biotechnology sectors.
On March 30th 2021, the Commercial Court of Coutances has selected its bid for the activities, assets and employees of Mulann Industries and Mulann SA as part of a transfer of assets plan.
With this acquisition, the purchaser intends to focus on the Audio business with high-end retail and the introduction of new products for recording studios.
With the “digital fatigue” of sound lovers, the purchaser is also banking on the retailing of audio cassette, which is currently very successful and for which Mulann Industries has unique know-how in France. Coincidentally, this acquisition takes place a few days after the death on March 6th 2021 at the age of 94 of the Dutch engineer Lou Ottens, considered to be the inventor of the audio cassette.
The purchaser’s knowledge and involvement in the music and entertainment industry will enable the transition from the Security business to the Audio business.
The purchaser is advised by several Franklin teams:
- a restructuring – distressed M&A team composed of Arnaud Pédron, partner, and Fanny Attal, associate
- an employment law team composed of Myriam de Gaudusson, partner, and Amélie Nisio, associate
- a corporate M&A team composed of Yam Atallah, partner, and Vincent Lehmann, associate
- an industrial risks & environment team composed of Xavier Marchand, partner, and Marie de la Hamelinaye, associate
The purchaser is also advised by Grant Thornton for the financial aspects.
The bodies involved in the receivership procedure are:
- as court appointed receiver: AJIRE (Maître Erwan Merly)
- as court appointed creditors’ representative: Maître Xavier Lemée