Iconic sports car manufacturer acquired

An iconic, 110 year old sports care manufacturer based in the West Midlands has been acquired.

Investindustrial has announced a majority stake in Morgan Motor Company although the terms of the transaction were not disclosed.

The deal is expected to complete in April and will see the Morgan family continue to act as stewards for the brand and retain a minority shareholding.

Meanwhile, for the first time in its history, the management team and all employees will have a share of the business.

Founded in 1909, Morgan hand-builds premium sports cars in its historic factory in Malvern which is visited by more than 30,000 enthusiasts each year.

With revenues of £33.8m and net profit of £3.2m in 2018, the company sells around 700 cars per year.

Investindustrial said it will leverage its experience and track record in the automotive industry, developed through a number of successful investments over the last 30 years, such as Aston Martin and Ducati.

Dominic Riley, chairman, Morgan Motor Company, said: “The past two years have been the most successful in our company’s 110-year history. However, to really fulfil Morgan’s full potential and secure our long-term future, both the family and management team, felt it was essential to bring in a strategic partner. A partner that shares our vision for Morgan and has the expertise, financial resources and track record of success in the automotive world, to make it happen. That partner is Investindustrial.”

Andrea C. Bonomi, Investindustrial’s chairman of the industrial advisory board, said: “Morgan is one of the most famous names in the automotive world. Morgan’s handmade British sports cars are true icons of the industry. We have followed the company and seen its progress for some time and see significant potential for Morgan to develop internationally whilst retaining its hand-built heritage, which is at the heart of the Morgan Motor Company. We share with the Morgan family the belief that British engineering and brands are unique and have an important place in the world.”

Steve Morris, CEO, Morgan Motor Company, added: “The future is bright for Morgan. We are coming off the back of two record years. We have an all-new vehicle architecture and powertrain, and have just launched the most dynamically capable Morgan yet, the exciting new Plus Six at the Geneva International Motor Show.

“Now we have the best possible owner and partner to take the business to the next level and develop Morgan’s global potential.”