MILAN -- Italian investment group Investindustrial said on Tuesday it had bought a majority stake in iconic British sports car maker Morgan Motor Co.
The company, which gave no financial details, said the deal would be completed in April. Morgan is among the few independent automakers still based in Great Britain.
The Morgan family will continue to represent the brand, best known for its wood-framed sports cars and three-wheel vehicles, and will keep a minority stake in the company.
Morgan Motor, which sells around 700 cars per year, generated revenues of 33.8 million pounds ($44 million) in 2018.
“The past two years have been the most successful in our company’s 110-year history. However, to really fulfill 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 Motor Chairman Dominic Riley said in a statement. He called Investindustrial a partner "that shares our vision for Morgan and has the expertise, financial resources and track record of success in the automotive world, to make it happen.”
Investindustrial has also invested in Aston Martin and Ducati over the past 30 years.
David Phillips contributed to this report.
