Morgan Motor Company bought out by Italian investment giant
PUBLISHED: 13:43 21 May 2019 | UPDATED: 13:43 21 May 2019
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The iconic 110-year old Worcestershire sports cars manufacturer, Morgan Motor Company is to be bought by an Italian investment firm in a deal due to be completed
Terms of the transaction were not disclosed, and it is expected to complete this month.
The Morgan family will continue to act as stewards and retains a minority shareholding and, for the first time in its history, the management and employees will have a share of the business.
Founded in Malvern in 1909 by HFS Morgan, the brand continues to hand-build premium sports cars with a classic design in its historic factory which is visited by more than 30,000 enthusiasts each year.
With revenues of £33.8 million and net profit of £3.2 million last year, the company sells 700 cars annually including a striking three-wheeler manufactured using ash, aluminium and leather.
Investindustrial will support Morgan to accelerate new product development, after the launch today of the new Plus Six at the Geneva Motor Show, the first to adopt the company's new CX-Generation architecture, increase global distribution and broaden customers' experience through events.
Investindustrial has pledged to work closely with current management and Morgan family to ensure the business will be respectful of and remain true to the company's unique heritage.
Morgan Chairman Dominic Riley 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."
Jill Price, the longest-serving Morgan family Director added: "Investindustrial have the pedigree and resources to secure the long-term future of Morgan."
Andrea C Bonomi, Investindustrial's Chairman of the Industrial Advisory Board, said: "We see significant potential for Morgan to develop internationally whilst retaining its hand-built heritage. We share with the Morgan family the belief that British engineering is unique."
Steve Morris, CEO, added the future was bright and called Investindustrial the "best possible owner and partner".