By on September 28, 2011

Spyker, the high-end sportscar firm formerly run by Saab “savior” Victor Muller, has been sold to North Street Capital, a US-based private equity firm, reports the FT [sub]. According to the FT,

North Street said in a draft announcement seen by the Financial Times and due to be released later on Wednesday that “the transaction is expected to strengthen [Spyker] in its efforts for new product development and stronger positioning in its factory auto racing team”. No changes in Spyker’s operations are planned. Terms were not disclosed.

Muller had planned to sell Spyker to Vladimir Antonov, Saab’s erstwhile knight in shining (or not) armor but Antonov ran while he could, and now plans to build a modern interpretation of the Jensen Interceptor. Under the proposed sale to Antonov, Spyker was worth “€15m plus an “earn-out” worth up to €17m to be paid over six years,” but because the firm hasn’t produced a single car since 2009, it’s probably been sold for considerably less than that. The firm sold 36 units in 2009, and has never been profitable, losing about $300m last year (while trying to swallow Saab), and about $30m in 2009. In a 2009 interview with TTAC, Muller had targeted “2010 or 2011” as his goal for turning a profit with Spyker, but thanks to the distractions surrounding the Saab “rescue,” it seems safe to assume that goal is nowhere in sight. Which is probably why the FT reports that

A person familiar with the North Street deal said that Swedish Automobile’s talks with CPP had collapsed.

Anyway, best of luck to North Street. Meanwhile, if the financial nightmare part of this story doesn’t particularly interest you, you can always check out Jack Baruth’s review of the $270k Spyker C8 Aileron here.

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14 Comments on “Spyker Sold To US Private Equity Firm...”

  • avatar

    Sad to see a domestic brand fall into foreign ownership but I guess it was to be expected. In fact I’m amazed it took this long…

    On a side note I think that’s a good color on that car. Also works well on most Ferrari (vinaccia).

  • avatar
    dvp cars

    ……unless the alleged transaction includes some very valuable real estate, I’d be surprised if more than a token Euro changed hands. Being extinct from the pseudo-supercar market for over 2 years doesn’t bode well for the new investors. It’s not as if they’re buying a legendary nameplate……it’s a defunct wannabe cafe racer charade of an enterprise that, as far as I know, never entered a competition, let alone won one. Even if I’m wrong on that count, it’s paltry few sales pre-2009 would hardly justify any realistic venture capital.
    …….this posting does dovetail nicely, however, with EN’s earlier article on a tuner Porsche……..there seems to be an incredible amount of “hot” money chasing these questionably engineered creations, little of it from my neighborhood.

    • 0 avatar

      Well it does have some history…

      • 0 avatar
        dvp cars

        ….great link, and I stand corrected…competing in the 1953 London–Brighton run for brass era cars shows Spyker is not that far behind in the supercar sweepstakes…….BTW, I love the photo of the 1916 Spyker V.1 Spyker staggerwing ,complete with, oddly enough, Japanese Air Force roundels.

    • 0 avatar

      They were also a team of Formula 1 back-markers for a season:

      They are doing much better now that they are called Force India.

  • avatar

    The entire Saab / Spyker debacle saddens me. I was hopeful that Saab would return and take a stab at becoming a reputable small volume alternative to the usual European suspects. I was also hopeful that Spyker could be a viable pursuit, as I have a soft spot for their wares ever since I got to drive a C8 a few years ago. I have a feeling neither will be the case, and the automotive world will be further whittled down, leaving only the biggest players to churn out unremarkable crap.

    At least we still have Pagani and Koeniggsegg to turn out truly unique automobiles.

  • avatar

    Might be a good move. I know of Spyker’s horrible losses on each car sold. But if the new owner knows something (or has access) Muller didn’t, Spyker may have a future. Throw in an American V8 and the brand would actually hark back to the old ‘hybrid’ days of AC Cobra and DeTomaso Pantera. Would make Spykers cheaper to produce too. Would be great to hear those thundering V8’s on the Le Mans circuit.

  • avatar

    They should partner with a tennis ball company. They keep trying to run from their true purpose

  • avatar

    I love the smell of pump-and-dump in the morning.

  • avatar

    Until they do manage to sell it again, Spyker is an American car company. So feel free to park it in the regular UAW parking lot.

  • avatar

    Are there any true “exotics” anymore other than cars like the Stryker?

  • avatar

    Blue Horseshoe loves Spyker Cars.

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