Aston Martin Sold To ProDrive

[ae86_16v]

http://www.autoblog.com/2007/03/08/aston-martin-sale-almost-a-done-deal-prodrive-founder-in-the-le/

Coming out of Geneva along with the exodus of automotive journalists are reports that a sale of Aston Martin is imminent, and that the likely winning bid has come from a consortium headed by Prodrive founder David Richards. The expected bid is rumored to be around $965,800,000 (£500,000), or about half of what Ford Motor Co. was hoping to get for its most premium of brands. Ford is expected to retain an interest in Aston Martin since it's still the brand's number one supplier of parts, and current chief Ulrich Benz, who himself submitted a bid to own the brand he runs, should remain in his position for the time being.

Despite the lower than hoped for selling price, Ford is reportedly pleased to have found a new owner with experience in the auto biz and an already-established connection to the Aston Martin brand. Prodrive runs Aston Martin's racing team and has been connected with the automaker in one way or another for many years, so the purchase indeed seems like a good fit. We'll let you know when word comes that the sale is final, which is expected before the end of the week.

[Source: Daily Telegraph via GMInsideNews]

[TopGearNL]

Yeah with Prodrive already running their racing team it sure sounds like a great deal! I also like the fact that Ford keeps an eye on AM, always nice to have connections.. :D

[yg60m]

I think it was a good option, maybe one of the best. We will see, I just hope it won't finish like TWR ...

[Z3uS]

Best option amog those who were on the line.

[blue8]

Definitely much better than LV

[HeilSvenska]

Hopefully, this story sticks as the sale has not been officially confirmed.

[graywolf624]

I read this was an option on the table last week (in cnn no less)
I think it will occur.

[Pokiou]

So now that mean aston is going to be even better ??? :D

i so want one .. and a lotus :(

Pok

[HeilSvenska]

So now that mean aston is going to be even better ??? :D

i so want one .. and a lotus :(


I want Aston AND Lotus.

[Z3uS]

Give me a V8 Vantage tuned by ProDrive :twisted:

[5vz-fe]

yay, it can only do better right....?

[number77]

http://www.bloomberg.com/apps/news?pid=20601102&sid=aFaIr6g0acig

[Erez]

8) GREAT NEWS!! 8)

[MidEngine4Life]

Maybe now the P2 will come out with a reworked grille and an Aston badge ;)

[ae86_16v]

The ongoing saga that is Ford's sale of Aston Martin may finally come to a resolution later today. According to a variety of reports from Detroit, New York and abroad, David Richards, the chairman and founder of Prodrive, will likely be the new owner, with the financial backing of the Kuwaiti firms Investment Dar and Adeem Investment Co.

The ceremonial signing will take place at 9:00 AM GMT today, with one source from Kuwait saying that, "The deal has been approved. Monday is just for public relations."

The sale of Aston Martin is reportedly going to cost the new investors somewhere in the neighborhood of $868-870 million, although Ford will still retain a 15 percent stake in the luxury automaker.

We'll have more information as it becomes available, but be sure to read the articles linked below for the full story.

http://www.autoblog.com/2007/03/12/kuwait-firm-backs-prodrive-for-bid-on-aston-martin-sale-expecte/

[Mattk]

This is pretty interesting. I'll be interested in seeing what the new owners' vision will be for Aston Martin.

[TopGearNL]

No please - the P2 was awful!!

It is as an Aston Martin, they should have brought it out anyway! 8)

[Wutputt]

It's official now:

85% David Richards (Prodrive), John Sinders (banker), Investment Dar and Adeem Investment.
15% Ford

Gaydon March 12, 2007: Aston Martin is pleased to announce the start of a new chapter in its illustrious history following the announcement today that the prestigious sports car manufacturer has been sold to a consortium led by David Richards, John Sinders, Investment Dar and Adeem Investment, ending almost twenty years as part of Ford Motor Company.

The consortium is a group of sophisticated investors who are committed to the brand, its success and existing business plan which envisages growth, profitability and new products, including the much acclaimed four door concept Rapide, shown for the first time at the Detroit Auto Show in 2006.

With the full support of the investors, Dr Ulrich Bez, remains committed to the future success of Aston Martin and will lead the management team into a new era as its Chief Executive. Since his appointment in 2000 he has overseen a period of growth and investment, steering Aston Martin to its unparalleled status in the world luxury sports car market. During the past six years the company has seen a tremendous change with new headquarters, exciting new products, a successful motorsport programme and a strong corporate identity throughout the expanding dealership network.

Leading the investors is David Richards, founder and chairman of Prodrive, a world leading motorsport and automotive engineering company. He will be joining the board of Aston Martin as non executive chairman in a personal capacity.

“This is an incredible opportunity – Aston Martin is one of the world’s most iconic brands” said David Richards. “We are confident we now have all the right ingredients to take Aston Martin to even greater heights.”

John Sinders, a banker in finance and shipping from Houston, Texas and Dubai UAE, is an Aston Martin owner with a great affection for the brand on both road and track.

Investment Dar, a Kuwaiti company, is the largest listed investment company in the Gulf. It owns and manages a group of companies including banking, finance, investment and asset management, real estate, insurance, banking, and logistics. Investment Dar has total assets of US$ 3.66 billion, with net income of US$ 317.3 million in 2006.

Adeem Investment is a Kuwaiti company and owns companies in the banking and finance, real estate and hotels, transport and logistics, food and telecoms industries. It has become the fastest growing investment, corporate finance and asset management company in Kuwait with assets under management in excess of US$ 1.5 billion.

Jefferies & Company acted as financial adviser to the Consortium.

“This new partnership is a tremendously exciting opportunity for Aston Martin,” said Ulrich Bez. “Under the ownership of Ford we have become a successful, profitable company and I will be working with the new owners to build on this great foundation. It is a new beginning which will give the company the opportunity to attain an even higher level of excellence.

“This next stage in the company’s history promises to be the most exciting yet. David Richards and I have a great deal of mutual respect for each other and we are equally passionate about realising the brand’s full potential.”

Aston Martin will remain at its high tech production facility at Gaydon in Warwickshire, a purpose-built facility where a skilled workforce of 1800 employees have helped gather numerous awards from the automotive and design industries in the past five years. Aston Martin has also enjoyed considerable success on the track and the company’s sporting heritage continues to infuse every model.

Aston Martin is a one of the world’s leading sports car manufacturers. Founded in 1914 by Lionel Martin and Robert Bamford the company has been responsible for some of the most evocative automobiles of all time. Aston Martin has evolved into a prestige manufacturer with class-leading products and perhaps the most high profile automotive brand name in the world.

The current model line-up of the award-winning V8 Vantage, DB9, DB9 Volante, Vanquish S and V8 Vantage Roadster will soon be enhanced by the eagerly awaited high performance DBS model. Voted the UK’s coolest brand in 2006, Aston Martin has a fast-expanding dealership network of 126 dealers representing in 27 countries.

[TopGearNL]

^^ Good news! I like that fact Ford keeps 15% that way they can still profit of it and probably invest more in it! :D

With how many car brands is the ProDrive working?

I know they make the Official Subaru Impreza WRC and the DBR9.

They also run the former BAR F1 team for Honda I believe..

[ae86_16v]

Great move, selling pretty much the only profitable brand they have (?).

Yeah, I wondered that. I mean right now Aston Martin is on top. Brand new cars with the DB9, V8 Vantage, still cool Vanquish and the new Rapide coming, I am surprise they would sell. All that R&D and bring the brand up again, and sold just like that.

I guess they wanted to sell high.

Another thing, ProDrive is definitely a cool racing company, and a very successful one at that. But running a production car company is a completely different thing, and I am not sure if they will be successful. Although this definitely would be a very interesting business case study.

[5vz-fe]

No please - the P2 was awful!!

It is as an Aston Martin, they should have brought it out anyway! 8)

Just imagine, the tricked out AWD system in the AVM8 body........and then slap on a pair of turbo.

[TopGearNL]

No please - the P2 was awful!!

It is as an Aston Martin, they should have brought it out anyway! 8)

Just imagine, the tricked out AWD system in the AVM8 body........and then slap on a pair of turbo.

Doesn't sound bad to me, maybe they'll make a like a special CS or RS version of it :twisted:

[blue8]

Rapide officially gets the green light :D

From The Times:
Rapide speeds up Aston Martin’s growth plans under new owners
Christine Buckley and Siobhan Kennedy

Aston Martin is considering stepping up production by more than a quarter in the next three years, boosted by the new Rapide model.

The sports carmaker, famed for its association with James Bond, expects to take on at least 200 more workers.

The company announced its plans for expansion as Ford confirmed its sale to a consortium including David Richards, head of the motor-racing business Prodrive, and Kuwaiti investment groups. The investors are set to gear it up with debt as part of their financial restructuring of the carmaker.

Ulrich Bez, chief executive of Aston Martin, said that the Rapide would add another 1,000 to 2,000 cars to its annual total of 7,000. The Aston Martin factory at Gaydon in Oxfordshire will have to be expanded with a new production line and developments to the body and paint shops.
Related Links

* Shifting up a gear to present day

The Rapide will be the second model to be produced by Aston Martin under its new ownership. Later this year the DBS, the car that appears in the latest Bond film Casino Royale, will be made. The DBS and the Rapide will take Aston Martin’s range to seven cars.

Mr Richards, John Sinders, an American banker, and the Kuwaiti investment groups Investment Dar and Adeem Investment bought Aston Martin for £479 million from Ford which has been involved with the business for nearly 20 years. Ford will keep a £40 million stake in the business — just under 8 per cent — in preferred shares. The £40 million is included in the £479 million price tag.

Mr Richards, a former rally driver and an accountant, said that the Kuwaiti investors were committed to Aston Martin for the long term and would not be seeking a quick turnaround as private equity groups may. He said: “The car industry and this business require long-term investment. You can’t come in and out in two to three years as some private equity groups do.”

Banking sources said that the investment groups were committed for between seven and ten years. The investors are expected to put debt into Aston Martin, which was bought from Ford debt free, but they are not thought to be intending to load it as highly with debt as an average private equity deal, which is about a third of the business’s value.

Ford put Aston Martin on the sale block last August as part of a wide restructuring. The US carmaker posted a record loss of $12.7 billion last year as it struggled with plunging sales, especially in its home North American market.

Ford also owns Jaguar and Land Rover in the UK, but Lewis Booth, head of Ford Europe, yesterday said that there were no plans to sell the marques although all businesses were always under review.

Aston Martin has very little commonality with other Ford brands and was therefore seen as the easiest to sell. Land Rover and Jaguar and Ford-badged cars share a great deal of parts and design.

Ford said that the sale meant that Aston Martin would be guaranteed additional investment to enable it to grow.

Motor marque

— 7,010 Aston Martins produced last year

— 1,800 employees

— 10,166 registered in Britain

— 5.1% private owners are women

— 11% registered as company cars

Source: Aston Martin, GMAP

[blue8]

From Autoblog:
Aston Martin developing a DBX?

Posted Mar 16th 2007 8:27AM by Frank Filipponio
Filed under: Sedans/Saloons, Sports/GTs, SUVs, Aston Martin
With the ink still moist on the purchase agreement for Aston Martin, there are some interesting developments already. As we've heard ad nauseum previously, David Richards of Prodrive, along with Texas banker John Sinders, and the Kuwaiti Investment Dar and Adeem Investment have taken a 90% stake in the company. Prodrive and Aston will stay separate, but Richards will get a seat on the board of directors, while Ulrich Bez will remain Chief Executive. The Gaydon plant will soldier on and possibly expand to make room for, wait for it, some new models.

The Rapide has been confirmed, with annual production of 1,000-2,000 units a year expected. Before that hits dealers, however, there should be a new, new DBS. "This will be different from the car that appeared in the latest James Bond film, and it won't be a direct replacement for the Vanquish either, because we prefer to carve out a new identity for the car," Bez explained. "However, it will be our flagship product, and it will use our VH platform."

Very interesting news, as we expected a Vanquish-ized DB9 in that slot. But it gets even better. Bez also mentioned in passing a new DBX. Rather than taking this as a mention of a DB9 replacement, his follow-up comment had the Autocar staff on the edge of their seats. "In the long term, we have to look for growth beyond the current range of cars," said Bez. Immediate thoughts of a Cayenne or Range Rover competitor came to mind. Perhaps it was the "X," but with their new association with Prodrive and the continued connection to Ford and PAG, anything is possible. Of course it could still be a new DB9 replacement that simply heads in a slightly different direction, say, by adding AWD, perhaps?

--Nothing is of course official, but I seriously hope that AM won't have any delusional idea of building a big, fat SUV!!