Following a strategic review to focus the company’s growth as a global luxury supercar and elite motorsport business, McLaren Group, Woking, United Kingdom, is to sell its Applied business division to Greybull Capital LLP, London, United Kingdom, Pmw-magazine.com reports.
The business will continue to be led by McLaren Applied’s current management team and to service its existing customer base, with Greybull’s investment enabling the company to further expand on its current business strategy.
According to McLaren, the divestment of Applied will allow for a greater focus on supercar manufacturing and elite motorsport, with Automotive as the core profit driver. It builds on the group’s recent equity raise and launch of a comprehensive debt refinancing, as well as the successful introduction of minority investment into McLaren Racing last year.
Anthony Murray, McLaren Applied, chief executive officer, said, “We are delighted to secure the investment which will underpin our strategic intent to pioneer a better future, leveraging our electrification and telemetry, control and analytics capability.
“We remain focused and committed to our existing customer and market segments of motorsport, automotive and public transport and this additional investment will ensure we can provide long-term stability and additional finance to develop market leading innovations for our customers.”
McLaren says Applied will continue to operate its technology business focused around transformative and innovative products in electrification and telemetry, control and analytics. Greybull’s investment will support the company’s strategy to exploit new market opportunities while continuing to build on its history in motorsport and automotive applications.
Paul Walsh, McLaren Group, executive chairman, said, “The completion of the strategic review of Applied is the latest in a series of proactive steps to build a more focused and profitable group. McLaren now has the right strategy and focus to achieve our ambitions as a global luxury supercar and elite motorsport business, underpinned by a more sustainable capital structure.
“At the same time, we are delighted that Greybull’s investment will provide a strong platform for McLaren Applied to innovate and grow as a world-class technology, data insight and analytics business.”
The transaction is expected to complete by the end of August 2021. Financial terms were not disclosed.