British iconic car maker Morgan Motor Company has sold their majority shareholding to an Italian investment firm, ending over 100-years of sole ownership.
The Italian investment company, Investindustrial has backed Aston Martin Lagonda and Ducati, the stake will be held separately from Aston Martin.
Morgan made a net profit of £3.1m on revenues of £33.8m
Morgan Motor Company was founded in 1909, they make 700 cars per annum, and employ more than 170 people at their factory in Malvern, Worcestershire.
Andrea C Bonomi, Investindustrial’s chairman of the Industrial Advisory Board said, “We have followed the company and seen its progress for some time and see significant potential for Morgan to develop internationally whilst retaining its hand-built heritage, which is at the heart of the Morgan Motor Company.
“We share with the Morgan family the belief that British engineering and brands are unique and have an important place in the world.”
The Morgan family will retain a minority stake in the company, they will continue to be involved with its development.
The company’s management team and employees will also have a share in the business.
Jill Price, the longest serving Morgan family director, said: “Having very carefully considered all options for the future success of Morgan, the family concluded that this new ownership structure and Investindustrial, have the pedigree and resources to secure the long-term future of Morgan.
“It was important for the family to retain a shareholding, and we are delighted that our loyal management team and workforce will now also have a share in the business going forward.”