McLaren has agreed to sell its Applied technology division to a private investment group, in a bid to focus on the firm’s growth on supercar sales and elite motorsport.
The Applied division is McLaren’s technology business, focusing on electrification and telemetry, analytics and control. It's being sold to London-based Greybull Capital, which has previously acquired several struggling businesses, including British Steel, Carillion and Monarch Airlines.
The sale represents the next step in McLaren's financial turnaround strategy, following an injection of £550 million from a number of investors including the Saudi Arabian public investment fund last month.
It also sold its Woking headquarters for £170m in 2020 and a minority stake in the McLaren Racing Formula 1 team for £185m earlier this year.
"We're delighted to secure the investment which will underpin our strategic intent to pioneer a better future, leveraging our electrification and telemetry, control and analytics capability,” said McLaren Applied CEO Anthony Murray.
“We remain focused and committed to our existing customer and market segments of motorsport, automotive and public transport, and this additional investment will ensure we can provide long-term stability and additional finance to develop market leading innovations for our customers."
Automotive will now become McLaren’s core profit driver, with a focus on electric vehicles. The Applied division will still operate with Greybull’s investment.
Applied's current management team will still lead the division and work will still take place at McLaren's Woking headquarters.
The sale is expected to be finalised by the end of August 2021. Financial terms for the Applied deal haven't been disclosed.