After Aston Martin and Ducati, Investindustrial acquires majority stake in Morgan Motor Company, manufacturer of sports cars with 100 years of history.
The completion of the transaction will arrive within April. The economic details of the operation have not been disclosed, but according to what was communicated by Investindustrial, the Morgan family will continue to represent the historic brand and will hold a minority stake in the company. Management and all employees will participate in the share capital.
“The investment – communicates the company in a note – is made without resorting to financial debt and Morgan will boast a positive net cash balance at the closing of the operation. The investment is being made by a separate fund (and with a distinct strategy) from Investindustrial V LP (whose investment subsidiaries own a stake in Aston Martin Lagonda Global Holdings PLC).'
Born exactly 100 years ago, in the historic Malvern plant in the United Kingdom, Morgan continues to produce luxury cars with a sporty design, coming about 700 a year. His unique three-wheeled vehicle made up of three main elements: aluminium, leather and ash, which has become a real pillar of the company's strategy, is famous. The company also launched today at the Geneva Motor Show a new Plus Six model, based on the new CX-Generation architecture.
Morgan ended 2018 with revenues of £33,8 million and net income of £3,2 million in 2018.
Andrea Bonomi, chairman of the Industrial Advisory Board of Investindustrial, commented: “Morgan is one of the most famous car manufacturers in the world and British handcrafted sports cars are true icons of the sector. We have been following the progress of the company for some time and see ample room for international growth while respecting the traditional craftsmanship which represents the beating heart of the Morgan Motor Company. We agree with the Morgan family in believing that engineering and brands from across the Channel are unique and occupy an important position on the international scene”.
