BREAKING: Spyker sells car unit to coachbuilders CPP

Since it opened for business at the turn of the millennium, Spyker Cars has charted an unusual path. Essentially re-inagurating a brand no one had ever heard of in a country not exactly known for automobile production, the Dutch automaker then set about launching its own F1 team. That venture ended up failing, so Spyker pulled another surprise move when it bought Saab from General Motors. And now Spyker is selling its own luxury sportscar business to a British concern.

The sale, it should be stressed, does not include Saab, leaving Spyker ostensibly to run the Swedish automaker without distraction. The buyers, CPP Global Holdings Ltd, is a coachbuilder based in Coventry, England, that has supplied Spyker with the chassis and body panels for all its cars from the beginning, and took over the entire production process of the new C8 Aileron which is just now ramping up.

The transaction has not been finalized, but a memorandum of understanding has been signed at 15 million euros up front and another 17 million over the course of the next six years, which at current conversion rates comes out to a bit over $44m. Official announcement in the press release after the jump.

[Source: Spyker]
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* CPP Global Holdings Ltd has signed a Memorandum of Understanding to buy the Spyker luxury sportscar business
* Purchase price is 15 million Euros plus a 17 million Euros six-year earn-out
* Acquisition comes as production of Spyker C8 Aileron flagship supercar ramps-up

Coventry, UK, 24 February 2011 – CPP Global Holdings Ltd, a premium coachbuilding company based in Coventry, UK, has signed a Memorandum of Understanding to acquire the assets of the Spyker luxury sportscar company from Spyker Cars N.V. – the Dutch EURONEXT-listed holding company which currently operates the Spyker and Saab Automobile businesses.

The purchase price would be 32 million Euros, 15 million Euros of which would be paid immediately upon the finalisation of the deal, with the remaining 17 million Euros to be paid over a six year 'earn-out' period.

CPP is a world-class British coachbuilding company with a workforce of 250 highly skilled automotive specialist designers, technicians and craftsmen. It has vast experience working with global luxury car brands, by adapting standard vehicles, or undertaking full production of ultra-low volume standalone models. Over the last 16 years, CPP founder and Managing Director, Brendan O'Toole, has grown the Coventry-based business continuously, and the partnership and support of Vladimir Antonov has seen this growth accelerate within the last two years. The Spyker acquisition is yet another milestone towards a world-class automotive specialist in Coventry, creating more jobs directly at CPP, and indirectly, through the wide range of automotive specialists based in the area.

CPP will structure Spyker's assets into a new subsidiary company, to be based at CPP's Coventry headquarters. CPP has produced chassis and body panels for Spyker since the brand's re-introduction in 2000. In 2009, it signed an agreement with Spyker to undertake full vehicle production of the C8 Aileron and all future Spyker models at a new and dedicated facility in Coventry. Production of the C8 Aileron for customer deliveries is currently being ramped-up.
Vladimir Antonov, said: "Having created an enviable portfolio of premium, world-class automotive companies and brands over the past two years with CPP, we are convinced that Spyker will flourish within the CPP Group. We are delighted to be bringing more investment and job opportunities to Coventry, and we hope that this further cements its reputation as the heartland of the automotive industry in the UK."

Brendan O'Toole, Managing Director of CPP Global Holdings Ltd, said: "This acquisition is very positive news for everyone connected to Spyker. We're absolutely confident that independent ownership will enable us to rapidly progress an invigorated business plan, to which CPP is fully committed.

"The management of CPP is very excited about the acquisition of the Spyker sportscar business, and the brand is entering a period of major development," continues O'Toole. "Production of the new Spyker flagship supercar, the C8 Aileron, is progressing well and we are ramping up production of customer cars at our new purpose-built facility in Coventry. We have well-developed plans to expand the product range further, and the future for the Spyker brand is incredibly exciting."

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