One of the last remaining British-owned car manufacturers has been acquired by the Italy's Investindustrial. The Worcestershire-based classic sports car company sold a majority shareholding to the Italian firm, which has stakes in various automobile brands such as Ducati and Aston Martin, with the deal to be completed in April.
Morgan Motor Company was founded in 1909 and is one of just a handful of car companies under British ownership. The company sells around 700 handmade sports cars every year and buyers often made to join a waiting list of up to six months. In 2018, it reported revenues of £33.8-million and a profit of £3.2-million.
The takeover was announced at the Geneva Motor Show following the unveiling of its Plus Six model, but the value remains undisclosed. Managers and other staff will have a stake in the business and the Morgan family will retain a minority stake and continue to represent the brand.
Source: Morgan Motor Company
Morgan Motors has an active owners' community of more than 5,000 members in 50 clubs worldwide.
Investindustrial has also said that it will support Morgan to accelerate new product development, increase global distribution and broaden the customer experience with new events.
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 Investindustrial, have the pedigree and resources to secure the long-term 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 share in the business going forward.”
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, commented: “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.”
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