U.S. private equity firm buys Spyker cars

Spyker C8 Aileron Spyder

North Street Capital will buy the specialty Dutch automaker from Swedish Automobile, which also owns Saab

The drama continues.

Swedish Automobile, the holding company that owns Saab and Spyker cars, has agreed to sell Spyker to an American private equity firm.

North Street Capital has bought Dutch specialty automaker Spyker for an undisclosed amount, according a report by the Financial Times.

But Swedish Automobile, formerly Spyker Cars, has initially agreed to sell the Spyker brand to U.K. company CPP Global Holdings, owned by Russian businessman Vladimir Antonov. The deal was for a selling price of €15 million.

That deal fell through back in August.

Swedish Automobile is in desperate need of cash to keep operations at its Saab division going.

Source: Reuters

show/hide press release

Swedish Automobile reached conditional agreement on main terms sale Spyker bussines

Zeewolde, The Netherlands, 29 September 2011

Swedish Automobile N.V. (Swan), announces it has reached conditional agreement with North Street Capital, LP (NorthStreet) about the main terms of the sale of the Spyker sportscar business.

The indicative terms of the transaction envisage net proceeds to Swan of approximately EUR 32million if and when the sale would become wholly unconditional.

Since the Spyker assets arepledged to Tenaci Capital B.V. (Tenaci) the net proceeds of a sale will be used to redeem Swan's debt to Tenaci.

North Street has a long term view on the development of the Spyker brand as an ultra high-end super sportscar manufacturer and has the resources to see such development through. Victor R. Muller will remain on as CEO and the continuity of Spyker's relationships with all its stakeholders and clients is warranted.

There can be no assurance that the negotiations can be completed successfully and that final agreement can be reached on the above or different terms.

North Street is a Greenwich, Connecticut USA based private equity firm. North Street managing partner Alex Mascioli is a life long race car driver.