Sportscar builder Morgan Motor Company has sold a majority share of the company to Italian venture capitalist firm Investindustrial V L.P. Terms were not made public, but the deal is expected to be finalised in April.
This will be the first time in the 110-year history of the Malvern-based company that it will not be owned by the Morgan family.
According to reports, the family will continue to act as ‘stewards’ for the brand and business.
Investindustrial also holds shares in Aston Martin Lagonda Global Holdings and Ducati motorcycles.
Morgan produces approximately 700 cars per year, many still using structural elements fashioned from ash. The range includes the famous 3 Wheeler, which will serve as the basis of the all-electric EV3.
The investment will support development of more new vehicles. Morgan has introduced the new Plus Six at the 2019 Geneva motor show.
Dominic Riley, chairman of Morgan Motor, said: “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.”
Morgan had revenues of £33.8m in 2018, with net profit of £3.2m. As part of the deal, management and employees will takes shares in the company.