Last January, Spyker and General Motors announced a deal for Spyker to buy GM’s struggling Saab unit. Now, a little over a year after the deal was announced, Spyker is now selling its own sports car business to focus on resurrecting Saab.
The announcement of the sale came today as Spyker and CPP Global Holdings signed a memorandum of understanding for the sale. CPP Global Holdings agreed to purchase Spyker’s sports car business for a total of €32 million. Of the €32 million, €15 million will be paid up front while the remaining €17 million will be paid over a six year earn out period in order to help ensure the sports car business can — and will be — profitable.
“The management of CPP is very excited about the acquisition of the Spyker sports car business, and the brand is entering a period of major development,” Brendan O’Toole, managing director of CPP said. “We have well-developed plans to expand the product range further, and the future of the Spyker brand is incredibly exciting.”
While the sale of Spyker’s sports car business comes as a surprise, Spyker already had a relationship with CPP Global Holdings. In November or 2009, Spyker transferred production of its sports cars to CPP’s manufacturing facility in Coventry, England.
Spyker CEO Victor Müller says he is selling Spyker’s sports cars in order to focus on Saab and bring it back to profitability. If nothing else, this deal at least shows Müller’s dedication to restoring Saab. Now we just need to wait and see if the struggling Swede rebounds, and if the now British Spyker can avoid fading into a memory as it did in 1925.