Spyker Cars is offloading its luxury sports car unit to focus on Saab.
The Spyker sports car business is being sold to CPP Global Holdings in Coventry, owned by Russian businessman Vladimir Antonov and which already has Spyker's contract to build its Aileron supercar this year.
CPP, which has worked with Spyker since 2000, will pay 15 million euros upfront plus another 17 million euros on a six-year 'earn-out'.
“This transaction will allow Spyker Cars N.V. to focus on the Saab Automobile business exclusively, will eliminate the requirement for us to make further capital investment in the Spyker business, and will reduce our debt,” Spyker chairman Hans Hugenholtz said in the statement.
The Dutch manufacturer owed about 74 million euros to Tenaci as of Sept. 30, part of which were funds that helped finance the acquisition of Saab in February 2010.
To further reduce debt and interest, Spyker within six months plans to convert 17 million euros of its debt owed to Tenaci into shares, it said.
Muller will remain Spyker CEO until a successor is appointed, the company said.
It will change its name ”shortly” to better reflect its greater focus on Saab.
Trollhaettan, Sweden-based Saab aims to sell 120,000 vehicles and become profitable by 2012.
CPP is a world-class British coachbuilding company with a workforce of 250 highly skilled automotive specialist designers, technicians and craftsmen.
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.
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."