Morgan Motor Company has announced that Italian investment firm, Investindustrial, will take over majority ownership of the car company in April.
The announcement occurred at the Geneva Motor Show, alongside the company unveiling its latest Morgan Plus Six.
The Malvern-based sports car manufacturer began in 1909, and has been owned by the Morgan family for 110 years. The family will keep a minority shareholding of the company, as well as being “stewards” for the brand. The management team and all staff will also become shareholders in the move.
Morgan currently produces around 850 cars a year. Due to their hand-built nature, wait times for delivery of a vehicle can be up to six months. Last year saw Morgan generate a revenue of £33.8m, with a net profit of £3.2m.
Investindustrial is backed by businessman Andrea C. Bonomi, and has invested in several automotive companies, including a current stake in Aston Martin.
Granddaughter of founder Henry Morgan, and longest-serving Morgan family director, Jill Price said the choice came after much consideration.
“Having very carefully considered all options for the future success of Morgan, the family concluded that this new ownership structure, and Mr Bonomi and Investindustrial, have the pedigree and resources to secure the long-term future of Morgan,” she said.
“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 stake in the business.”
Commenting on the acquisition, Investindustrial Chairman of the Industrial Advisory Board Andrea C. Bonomi said: “We have followed the company and seen its progress for some time, and see significant potential for Morgan to develop internationally while 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.”
This could signal a very exciting time for Morgan enthusiasts, as Investindustrial has stated it will increase global distribution for the brand, as well as supporting them to accelerate development of new products.