New Spyker Sale Agreed... Apparently!
US private equity firm claims pole position in race to acquire Dutch supercar
Spyker Aileron at the Geneva show...
The deal sounds similar to the one agreed in February with Britain's CPP, but comes with a built-in caveat that it's still only an agreement in principle and not an actual sale. Indeed, Swedish Automobile says it can offer no assurances that the sale will proceed on the terms proposed. (Our story back in February headlined 'Coventry Company Buys Out Spyker' proved premature and, given the unfolding Saab back story, we're not betting the house on this one, either...)
Apparently the latest purchase agreement revealed by the FT last night has caused some surprise at CPP, who still maintain a strong interest in acquiring Spyker even though their own agreement in principle to purchase the brand has been allowed to expire on the advice of lawyers while the struggle for Saab's survival continues.
...but its future remains uncertain.
If the latest proposed deal goes ahead, it's not even clear whether North Street Capital's intention is to retain CPP as a production partner under the terms of the 2009 agreement, but it would seem a sensible option.
That said, common-sense isn't always at a premium in the world of bespoke sports car manufacturing, as history consistently proves...
UPDATE - a press release has arrived from CPP (reproduced 'verbatim' below):
"CPP Global Holdings notes with interest today's announcement from Swedish Automobile N.V. (SWAN) regarding the proposed sale of the Spyker business to North Street Capital.
Brendan O'Toole, founder, managing director and co-owner of CPP, said: "Although a February 2011 Memorandum of Understanding between CPP and Spyker's owner, Swedish Automobile, lapsed in June 2011, we have remained patient and discussions have continued. Until we are informed that that Swedish Automobile is no longer willing to discuss the Spyker sale, we are still keen to progress our proposed acquisition."
If Spyker is acquired by another entity, CPP will continue to offer its support in future engineering programmes, body and chassis production, and final trim and assembly of Spyker models. CPP has unique knowledge and experience of the current model line-up, and its purpose-built assembly facility in Coventry is ready to immediately 'switch on' production of the new flagship Spyker C8 Aileron supercar.
CPP recently announced plans to consolidate its operations at an all-new Browns Lane, Coventry engineering and production facility from 2014. Whether or not CPP concludes its acquisition of Spyker or remains the production and assembly partner for Spyker under different ownership, CPP's Browns Lane redevelopment plans will be unaffected. The proposed new vehicle assembly facility - one of a number of CPP operations to be consolidated at the Browns Lane site from 2014 - will produce the fully-homologated road-going variant of the next generation all-terrain supercar, the Bowler EXR, and the recently-announced new Jensen Interceptor. CPP is also in advanced stages of discussions regarding further ultra-low volume vehicle engineering and production projects."
I dont understand economics the best but how come we went from dozens (maybe hundreds) of specialist car builders to just a handful that all struggle and go from one owner to another.
Its not a recent financial crisis thing either, as the decline has been going on for decades.
Are specialists costs that high?
Note to ALL mega rich people. Go buy a Spyker and keep this wonderful company alive!
I dont understand economics the best but how come we went from dozens (maybe hundreds) of specialist car builders to just a handful that all struggle and go from one owner to another.
Its not a recent financial crisis thing either, as the decline has been going on for decades.
Are specialists costs that high?
Note to ALL mega rich people. Go buy a Spyker and keep this wonderful company alive!
I dont understand economics the best but how come we went from dozens (maybe hundreds) of specialist car builders to just a handful that all struggle and go from one owner to another.
Its not a recent financial crisis thing either, as the decline has been going on for decades.
Are specialists costs that high?
Note to ALL mega rich people. Go buy a Spyker and keep this wonderful company alive!
1) Design a car they like, without checking anyone wants to buy it first
2) Underestimate the costs of going from an idea to professional production
3) Limit them selves to markets that buy very little niche cars, ie Britain
Added to the above the emission laws have gone silly, the safety requirements are beyond a joke and all add extortionate cost. So a fun car that could be bought for 30-40k back in the 90's is now 100k+
1 - Buy Saab
2 - change your name to Swedish Automobile (from what was a Dutch prestige bespoke manufacturer)
3 - Sell Spyker
4 - Be left with Saab.
1 start with a debt ridden niche sports car company, publicly listed with all sorts of accounting rules to follow like reporting sales and earnings and being at the whim of traders.
2 get a big injection of euro money to save saab
3 use the M&A smokescreen to sell Spyker into a private firm, clear of all debts, keep founder as CEO, keep going.
4 sell Saab assets to the Chinese, maybe pay back all the loans, maybe save the factory, but save the brand.
I am not being cynical, and have to say they are all terrific people and passionate about the brands and the products so hope it all works out.
Pretty sad but that's how it is and I have to say whoever takes on SAAB now, without being big enough to fill Fords shoes, is very brave.
Pretty sad but that's how it is and I have to say whoever takes on SAAB now, without being big enough to fill Fords shoes, is very brave.
Pretty sad but that's how it is and I have to say whoever takes on SAAB now, without being big enough to fill Fords shoes, is very brave.
1 start with a debt ridden niche sports car company, publicly listed with all sorts of accounting rules to follow like reporting sales and earnings and being at the whim of traders.
2 get a big injection of euro money to save saab
3 use the M&A smokescreen to sell Spyker into a private firm, clear of all debts, keep founder as CEO, keep going.
4 sell Saab assets to the Chinese, maybe pay back all the loans, maybe save the factory, but save the brand.
I am not being cynical, and have to say they are all terrific people and passionate about the brands and the products so hope it all works out.
Pretty sad but that's how it is and I have to say whoever takes on SAAB now, without being big enough to fill Fords shoes, is very brave.
1 start with a debt ridden niche sports car company, publicly listed with all sorts of accounting rules to follow like reporting sales and earnings and being at the whim of traders.
2 get a big injection of euro money to save saab
3 use the M&A smokescreen to sell Spyker into a private firm, clear of all debts, keep founder as CEO, keep going.
4 sell Saab assets to the Chinese, maybe pay back all the loans, maybe save the factory, but save the brand.
I am not being cynical, and have to say they are all terrific people and passionate about the brands and the products so hope it all works out.
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