Swedish Automobile (SWAN), the parent company of Saab has announced that they are selling their Dutch-based Spyker brand to a U.S. private equity firm called North Street Capital. The Greenwhich, Connecticut based firm has agreed to the main terms for purchasing the luxury sports car brand for $43.6 Million. The CEO of SWAN, Victor Muller, has been looking to sell Spyker since February in order to focus on Saab. The sale will be a big help to the owner's of Saab who have been strapped for cash for some time. Probably playing a role in the accquisition is the fact that North Street Capital's managing partner Alex Mascioli is also a race car driver. While the two companies have come to an agreement on most fronts, Muller has made it clear that there is “no assurance” that the deal will be completed under the agreed upon terms or different conditions.
[Via Carscoop]
