INVESTINDUSTRIAL, a European investment group, has acquired a majority stake in Morgan, the 110year old British sports cars manufacturer, as announced at the 2019 Geneva Motorshow.
While not all details of the transaction were released, the acquisition is due for completion by April this year.
The Morgan family retains a minority shareholding and for the first time the management team and employees will become shareholders in the business. The investment is executed without financial debt, and Morgan will have a positive net cash position upon completion of the transaction.
Investindustrial is no stranger to the automotive industry, holding a stake in Aston Martin and having previously invested in Ducati.
In addition to the announcement, Morgan whipped the covers off their turbo-BMW powered Plus Six at Geneva, the first Morgan to sport an automatic transmission.
Founded in 1909, Morgan continues to hand-build sports cars in its UK factory in Malvern and sells around 700 units per year. Morgan’s fortunes have taken an upswing with their latest net profit of AUD$5.7 million on revenue of AUD$63.1 million.
Jill Price, Peter Morgan’s daughter and longest serving Morgan family Director, commented: “Having very carefully considered all options for the future success of Morgan, the family concluded that this new ownership structure and Mr Bonomi and Investindustrial, have the pedigree and resources to secure the longterm future of Morgan. It was important for the family to retain a shareholding, and we are delighted that our loyal management team and workforce will now also have a stake in the business.”