Press Release: Spyker Cars to sell Spyker Cars


  • Spyker Cars N.V.– the EURONEXT-listed holding company which operates the Spyker and Saab Automobile premium car brands – has signed a Memorandum of Understanding to sell the assets of its Spyker sportscar business (the “Spyker Business”) to a private UK holding company, CPP Global Holdings Limited, which is owned by Vladimir Antonov.
  • Indicative terms include a purchase price of 15 million Euros plus a 17 million Euros earn-out. The proceeds will be used to reduce Spyker Cars N.V.’s debt.
    Within 6 months of completion of the sale and subject to certain conditions, it is envisaged that Tenaci Capital B.V. would convert the 9.5 million Euro Convertible Loan at 3.75 Euros per share and 7.5 million Euros of its loans at 5.50 Euros per share to further reduce debt and interest.
  • This transaction would allow Spyker Cars N.V., which will change its name shortly, to exclusively focus on the Saab Automobile business while reducing debt and improving operating results through reduced interest expenses and removing the operating losses related to the Spyker Business.

Zeewolde, The Netherlands, 24 February 2011 – Spyker Cars N.V. has signed a Memorandum of Understanding with CPP Global Holdings Limited, a UK-based company owned by Vladimir Antonov, concerning a potential sale of the Spyker sportscar business.

The transaction would be structured as an asset purchase of virtually all assets related to the Spyker Business, including the Spyker trademarks and other intellectual property rights, and would be subject to several conditions precedent, including the outcome of Purchaser’s due diligence.

If completed, the proceeds of the purchase price will be used to reduce Spyker Cars N.V. indebtedness to Tenaci Capital B.V., an investment company controlled by Spyker Cars N.V. CEO, Victor Muller, thereby reducing its interest burden going forward. The indicative purchase price would consist of two elements: 15 million Euros due on closing and a maximum of 17 million Euros payable in instalments over the period 2011-2016 from the Spyker Business’ Earnings Before Taxes.

To further reduce Spyker Cars N.V.’s debt, it is envisaged that within 6 months of completion of the sale Tenaci Capital B.V. would convert its Convertible Loan for the amount of 9.5 million Euros at 3.75 Euro per share as well as convert an additional amount of 7.5 million Euros at 5.50 Euros per share subject to completion of the sale and certain conditions.

Hans Hugenholtz, Chairman of the Supervisory Board of Spyker Cars N.V., said: “This transaction will allow Spyker Cars N.V. to focus on the Saab Automobile business exclusively, will eliminate the requirement for us to make further capital investment in the Spyker Business, and will reduce our debt.

“The Spyker Business will benefit from a focused and independent management team to progress the business from a commercial and technological point of view. Victor Muller will continue as CEO of the Spyker Business until a successor is appointed, at which time he will become its non-executive chairman. Mr. Muller remains fully engaged as CEO of Spyker Cars N.V. and Chairman of the Board of Saab Automobile AB.

Victor Muller, CEO of Spyker Cars N.V. and Chairman of the Board of Saab Automobile AB, said: “Without Spyker we would not have been able to acquire Saab Automobile last year but the Spyker Business soon became a small fish in a large pond as a result. In terms of the overall results of Spyker Cars N.V., the Spyker Business had become immaterial, but to develop its business going forward, its cash needs are relatively significant. Therefore the decision to separate the Spyker Business and Saab Automobile from a capital structure point of view is a good one.”

Vladimir Antonov, chairman of Convers Group said: “Having created an automotive portfolio over the past two years consisting of premium, world-class companies and brands, we are convinced that Spyker will flourish within the CPP Group and become profitable as planned.”

51 thoughts on “Press Release: Spyker Cars to sell Spyker Cars”

  1. So, this is the way for Muller to repay the loans to Antonov. No man can do all things at the same time. Even not Victor Muller. So, it seems a way to focus in a car company (Saab) that can be more easily profitable than Spyker. Sad though, because Spyker is/was the “halo” company for Saab, the contrary for the General Motors’ times. And Saab needs money.

    Difficult days, but, for Saab, no road is impossible.

  2. Seems like a sensible thing to do.
    People mistrusting VM:s agenda when he bought Saab a year ago will certainlty have to eat their hats.

    • Nope.

      I enjoy reading readers comments on and enjoying that I am Danish and not Swedish.
      I am impressed by the negativity.
      No only surrounding Saab, but in general.

      • Yes, reading is an interesting hobby.
        You feel both sane and depressed reading all that negativity.

        I wonder if those people vote, or if they know how to…

        • If they do, that just goes to show that Winston Churchill was right:

          “The best argument against democracy is a five-minute conversation with the average voter.”

      • Yes, it’s embarrasing and saddening (I’m Swedish). But, haters of just about anything are plentiful on the internet. Maybe more so in Sweden than in Denmark, but I’d say that they’re not really representative. But, they hurt sales by projecting the negative image, either way.

  3. From an engineering point of view:
    * Spyker Cars NV = Spyker Business + Saab automobile AB
    * Spyker Cars NV = CASH + Saab automobile AB
    * Antonov’s holding = Alotofthings – CASH + Spyker Business
    * Saab (Spyker?) Automobiles NV = Saab Automobile AB + Expanded Business plan (public listed)
    Correct me if I’m wrong!

    • You are correct.
      The name “Spyker Cars NV” will change into something else (Saab Cars NV?). But as long as they are listed in Amsterdam they will be a NV and not an AB.

      • It doesn’t make much sense for the new Saab Cars to be a NV listed in Amsterdam anymore. All it’s assets, including Victor Muller, have no ties with The Netherlands anymore. A more international listing seems appropriate.

  4. Not a total surprise I’d say but it’s a good way for Victor to stay focused and still keep Spyker in the family somehow.

  5. Not a shock – once you get used to driving a Saab, it becomes very difficult to settle for anything else.

    And yet, (and I may be alone in thinking this) the Peking-to-Paris could have kept Spyker profitable for years if they had somehow figured out a way to get it to market this year.

  6. Hope they change name to Saab Automobile…. and also hope they’ll make it AB, and listed in Stockholm… o to have SAAB truly swedish again, and part owned by swedish stock owners….. this would be great.

    Will probably also help to increase overall sells.. and they might meet at least the lower 60.000 cars / year goal… which is hopefully enough!

    • IMO a Stockholm listing would have its advantages and disadvantages. There are always those small investors who will lose money in these adventures and I can only image what kind of screaming headlines the press could come up with after a stock price drop, when for example sales target in one quarter is not met, steel prices or the value of krona goes up, JÅJ catches a cold etc. etc.
      Is SAAB Automobile -or Sweden for that matter- ready for the stock drama at this point, I’m not sure?

      • Well, it is no different from most companies with strong personalities, I mean look at Apple. Even if the press might make thinks look otherwise, there are a lot of swedes who care about and love SAAB. They also want to buy a car from a Swedish owned car maker. I think SAAB has a big chance here seeing how there isn’t a Swedish owned car maker currently.

        I also think there would be quite some swedes and investors willing to invest.

        As for the drama it would be interesting. I don’t think the press would be that much worse compared to what it is now.

  7. I would have loved to still have Spyker connected to Saab, but fortunately the brand lives on. I wish the new Spyker all the best, the same message is directed to Saab.

  8. I once heard from a marketing director a story about the hero mountain and the payback hero. and I think this can be also used now for Saab.
    Spyker NV is now climbing the hero mountain, and they can already see the the peak of the mountain, and they are making any every possible effort to reach that peak, because behind the hero mountain there is the payback meadow. But they see they won’t be able to reach the peak, so they have to unload some of the load, and this is the Spyker cars business. But I don’t think they are simply leaving it behind, Spyker NV is passing that extra weight to their best Sherpa, Vladimir Antonov.

    I think what Victor Muller has done here is a clear signal for his trust in the Saab case, as he will be giving away his dream.

    • I think its a bit more complicates. The losses of Spyker are just little blips in the whole Saab/Spyker business. Vladimir has had his eyes on Spyker ownership for a long time, so his (personal) loans to Tenaci and finally the payoff of those loans by transferring Spyker ownership to him comes not really as a surprise.
      I do feel sad to see Spyker leaving the same stable as Saab since being associated with such a nice brand gave some more cachet to the business.
      So, the one million dollar question is now; in how far will Vladimir Antonov become involved with Saab Cars? Somehow I feel that his sights are set a bit higher than just acquiring Spyker and Saab can use a big cash injection if they want to realize their new dream lineup.

  9. I only wonder what happens to my stock options ? Will the Spyker Cars NV shares, I have, be automatically transformed to the new Saab company or will I have to sell them and then buy the new Saab shares ?

    Can anybody clearify please, because i want to stick with Saab and not with Spyker !!

    • They will remain with Saab, obviously. Spyker owns two sub-brands: Saab Automobile and Spyker sportscars. You own shares in the Spyker (mothercompany). Now (the mothercompany) Spyker intends to sell Spyker sportscars to Antonov. So your shares will obviously remain with Spyker (the mothercompany) and hence you will continue to own a piece of Saab through that. Spyker (the mothercompany) will probably change name to something with Saab soon, if the Saab defence company allows that.

      • I should have used the full name for “the mothercompany”, which is “Spyker Cars N.V.”. Spyker Cars N.V. is not the same as Spyker sportscar division, but the former owns the latter + Saab Automobile. And hence all “Spyker shares” are in the Spyker Cars N.V. company.

    • Now I think it is suitable to take a look at the Spyker organization structure:

      If you have bought Spyker shares on the Euronext Amsterdam stock exchange, you own shares in the parent company Spyker Cars NV. As I understand it, that company is now going to sell all the subsidiaries with the name “Spyker” in it, such as Spyker Automobielen BV, Spyker Events & Branding BV etc. The parent company will keep Saab Automobile AB and all of its subsidiaries and also change its name from Spyker Cars NV to something like “Saab Automobile Holding NV” I suppose.

      • @ rodmylon and JH

        Thanks for the clarification, everything fine then, i bought the shares at the Euronext Amsterdam stockexchange.

        Just to clarify, I’m not a share gambler and I only invest in companys in which I truly believe and until now I only invested in two such companys which are Saab and Apple.

  10. I feel a bit sorry for Spyker (cars) loosing VM. Who can fill his suit?
    At the same time I’m glad that VM now is 100% commited to Saab. He is a remarcable chap!!

    I wanna buy stock in the Stockholm excange when possible


  11. different press release:


    CPP Global Holdings Ltd has signed a Memorandum of Understanding to buy the Spyker luxury sportscar business
    Purchase price is 15 million Euros plus a 17 million Euros six-year earn-out
    Acquisition comes as production of Spyker C8 Aileron flagship supercar ramps-up

    Coventry, UK, 24 February 2011 – CPP Global Holdings Ltd, a premium coachbuilding company based in Coventry, UK, has signed a Memorandum of Understanding to acquire the assets of the Spyker luxury sportscar company from Spyker Cars N.V. – the Dutch EURONEXT-listed holding company which currently operates the Spyker and Saab Automobile businesses.

    The purchase price would be 32 million Euros, 15 million Euros of which would be paid immediately upon the finalisation of the deal, with the remaining 17 million Euros to be paid over a six year ‘earn-out’ period.

    CPP is a world-class British coachbuilding company with a workforce of 250 highly skilled automotive specialist designers, technicians and craftsmen. It has vast experience working with global luxury car brands, by adapting standard vehicles, or undertaking full production of ultra-low volume standalone models. Over the last 16 years, CPP founder and Managing Director, Brendan O’Toole, has grown the Coventry-based business continuously, and the partnership and support of Vladimir Antonov has seen this growth accelerate within the last two years. The Spyker acquisition is yet another milestone towards a world-class automotive specialist in Coventry, creating more jobs directly at CPP, and indirectly, through the wide range of automotive specialists based in the area.

    CPP will structure Spyker’s assets into a new subsidiary company, to be based at CPP’s Coventry headquarters. CPP has produced chassis and body panels for Spyker since the brand’s re-introduction in 2000. In 2009, it signed an agreement with Spyker to undertake full vehicle production of the C8 Aileron and all future Spyker models at a new and dedicated facility in Coventry. Production of the C8 Aileron for customer deliveries is currently being ramped-up.
    Vladimir Antonov, said: “Having created an enviable portfolio of premium, world-class automotive companies and brands over the past two years with CPP, we are convinced that Spyker will flourish within the CPP Group. We are delighted to be bringing more investment and job opportunities to Coventry, and we hope that this further cements its reputation as the heartland of the automotive industry in the UK.”

    Brendan O’Toole, Managing Director of CPP Global Holdings Ltd, said: “This acquisition is very positive news for everyone connected to Spyker. We’re absolutely confident that independent ownership will enable us to rapidly progress an invigorated business plan, to which CPP is fully committed.

    “The management of CPP is very excited about the acquisition of the Spyker sportscar business, and the brand is entering a period of major development,” continues O’Toole. “Production of the new Spyker flagship supercar, the C8 Aileron, is progressing well and we are ramping up production of customer cars at our new purpose-built facility in Coventry. We have well-developed plans to expand the product range further, and the future for the Spyker brand is incredibly exciting.”

  12. Something tells me that it’s not the last time we are speavking ok VA !
    I’m convinced that he will enter directly into the capital of SAAB when announcing the 92…..
    And I woul suggest to make it just after stock exchange introduction in Stockolm……..May- June???
    Wait and see.
    Interesting and exciting times!

  13. There are at least three or four follow-up stories on the Spyker deal and its Saab ramifications at (I’ve lost count! just keeps adding new snippets of info, and changing the ones they’ve already published.) Here’s an interesting one, about Antonov saying it’s just a matter of time before he buys into Saab as well.

  14. Very wise move selling Spyker – restructures debt. Saab has enough on its plate being Saab. In reality, Spyker added very little to Saab.

    Happy Anniversary, my friends!

  15. I don’t think the association between Spyker and Saab will go away completely — all those Saab dealerships who signed franchise agreements for Spyker will continue to sell Skyker. But this makes sense. Victor said that Spyker will need some serious cash to keep developing. This way, cash put into Spyker (probably at a loss at first) won’t negatively affect Saab. It just didn’t make sense for the two to be connected. While they’re both strong companies, Saab is positioned to make big profits while Spyker is still in a big lossmaking stage.

    • Victor Muller to

      Even though Saab Automobile and Spyker will now have different owners, this won’t affect the possibilities for coordination gains, according to Muller. For instance, Spykers will be sold in Saab showrooms and the brand will have priority access to Saab’s production facilites.

  16. A good way to settle the VAVM loan necessary for the acquisition. VA buys the Sportscars operation from the holding company which uses the cash to repay Tenaci which in turn repays VA.
    The holding body gets a sole focus on Saab and makes it easier to attract investors / shareholders, if necessary. Lowers rather than raises complexity, which claims.

  17. Recent days makes up for an interesting puzzle.
    – VA steps into the tv channel who own WRC. Discussons worldwide on a possible Saab return to WRC.
    – VA comes into the warmth of Saab, new Young ideas etc. tech performance, heritage.
    – Spyker has moved to UK right in epicentrum of Rally&Racing world.
    – JC gets to design a “supercar”, a Sonett /aerox beeing built in Spykers facilities in the UK???

    This can only be very good for Saab.

    • :JC gets to design a “supercar”, a Sonett /aerox beeing built in Spykers facilities in the UK???”

      Please clarify….

  18. This move is big, if only for symbolic reasons. VM had a huge amount of his personal fortune in SPYKER. Now his is ALL IN with SAAB.

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