Here’s one way to keep the lights on at Saab: Swedish Automobile, the parent firm of both Saab and Spyker, announced it would sell its ownership in Spyker to an American private equity firm for $44 million.
Swedish Automobile recently announced its intent to sell Spyker to North Street Capital, an American private equity firm led by Alex Mascioli – who, interestingly enough, has previously raced in the IndyCar series. Despite the sale, Victor Muller will retain his CEO position for the Spyker enterprise.
The move came as a bit of a surprise, especially because it’s not the first time we’ve heard Swedish Automobile announce a sale of its Spyker ownership. Earlier this year, SA announced its intent to sell Spyker to British equity firm CPP Global Holdings. CPP owns CPP Manufacturing in Coventry, England, which is presently responsible for manufacturing all Spyker automobiles and looking to launch a modern take on the Jensen Interceptor. The two companies had signed a memorandum of understanding in Feburary, and the deal was largely expected to go through, even though the agreement expired in June with no further progress.
Swedish Automobile says the deal with CPP was put on hold in August, but that – along with the sale to North Street Capital – apparently comes as news to CPP itself. The company issued a statement this morning, saying it was “noting [the sale] with interest.”
“Although a Feburary agreement between CPP and Swedish Automobile lapsed in June, we have remained patient and discussions have continued,” said Brendan O’Toole, managing director of CPP, in a prepared statement. “Until we are informed that Swedish Automobile is no longer willing to discuss the Spyker sale, we are still keen to progress our proposed acquisition.”
That said, if the sale to North Shore is completely finalized, CPP notes it is keen to continue its engineering support for the C8, along with handling production tasks. In fact, the company notes it can “switch on” assembly for the car at a moment’s notice — no doubt because each and every example is largely hand-built.
Neither Spyker nor Swedish Automotive have said how this would affect production of the Spyker C8 Aileron, but seeing as production is limited to begin with – fewer than 40 cars were built last year – there’s a good chance the impact will be minimal.
Source: Automotive News (Subscription required), CPP Global Holdings