Swedish Automobiles sells Spyker Cars to US equity firm
Spyker Cars, the low volume and high performance branch of Swedish Automobiles has been sold to US firm North Street Capital. North Street’s goals are to help build the Spyker brand, both in the lines of new product development and in the interest of bolstering their factory backed racing programs. Spyker plans no operational changes immediately following the purchase and the company has announced the Viktor Muller (founder of Spyker and CEO of Saab) will remain the boss at Spyker for the time being. North Street Capital reportedly paid $44 million dollars for the Spyker Cars division but unfortunately, it seems that none of that money will go to help the ailing Saab brand.
It turns out that at some point, the assets of Spyker Cars were promised to Tenaci Capital, presumably through some previous investment deal. Tenaci Capital is owned by young Russian billionaire Vladimir Antonov who has been blocked on a few occasions from purchasing a chunk of the Saab brand and since his company has the rights to the Spyker Cars assets, the net proceeds of the sale to North Street Capital will go to Antonov’s investment firm – not to Swedish Automobiles or Saab.