The Morgan Motor Company sold a majority stake to Italian investment group Investindustrial, marking it the first time in the brand’s 110-year-old history that the small manufacturer isn’t controlled by the Morgan family.

The financial details of the transaction were not disclosed, as the deal is to be completed in April. The Morgan family will retain a minority stake and for the first time, management and staff will also get a share in the business.

“The past two years have been the most successful in our company’s 110-year history,” said Dominic Riley, Morgan’s Chairman. “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.

Investindustrial also holds a large stake in Aston Martin since 2012. The new investment will allow Morgan to expand its production output and accelerate the development of new models. The British manufacturer is aiming to double its annual sales in the near future from the current 750 cars.

Morgan will continue to focus on its niche classic sports car segment, retaining values like hand-built production, the use of wood in the construction of its cars and bespoke manufacturing.

“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,” said Andrea C. Bonomi, Investindustrial’s Chairman. “We share with the Morgan family the belief that British engineering and brands are unique and have an important place in the world.”