Morgan has sold a stake in its company to Italian venture capitalist firm Investindustrial - and the British firm says the investment will allow it to massive expand its range and production facilities.
Announced at the Geneva motor show, the “significant new capital investment” makes Investindustrial the single biggest shareholder in the Morgan Motor Company. The amount the firm paid has not been disclosed.
The Morgan family will retain a share in the 110-year-old company, while management and staff will also have a share in the now-Italian-owned business. Morgan unveiled the Plus Six, its first new model in 19 years, at Geneva.
Morgan chairman Dominic Reilly said: “The last two years have been the most successful for Morgan and we want to build on that success and secure our long term future.
“This is a new partner that is absolutely right for the company to let us grow and fulfil our potential globally. It allows us to increase our sales and marketing activity worldwide and upgrade and invest in our factory and visitor centre.
“We will expand production, accelerate product development, develop new cars and recruit more staff to our Malvern base and worldwide. This expands production and secures the long term future in Malvern while retaining hand crafted sports cars that are hand built; these are at the heart of the company."
The firm currently sells around 750 cars a year, and is aiming to double this to 1500 in the coming years. The cash will also allow it to accelerate development of its proposed flagship model.
Investindustrial also owns a large stake in Aston Martin. It bought a 37.5% stake in Aston in 2012, which has since been reduced following the company’s stock market listing, and was a key player behind the appointment Andy Palmer to lead that company in 2014.
Palmer devised the Second Century plan for Aston launch seven all-new cars over seven years, including new mid-engined models, SUVs and the rebirth of Lagonda as an electric-only brand.
Aston Martin released its own statement on the news. “We would like to congratulate both Investindustrial and Morgan Motor Company on this agreement. It is encouraging that another independent British car company is flourishing and attracting high-quality investors.”