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Radical Sportscars sells a minority stake to private individuals |
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Radical Sportscars Ltd (Radical) has sold a minority stake to a consortium of high net worth individuals. The transaction values Radical at US$47 million.
Radical is a leading global player in the leisure sports car and motorsports market. It produces around 230 cars a year, making it the second largest manufacturer by volume of purpose-built racing cars in the world, just behind Porsche. Radical enjoys significant recurring revenue from its own single-marque race series in countries around the world, its spare parts business and large existing customer base.
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Radical recently surprised the automotive world with the launch of a fully road legal version of its racing car at the 2011 Frankfurt Motor Show. It has also been named as the vehicle supplier for a motorsport version of the IPL called i1 Super Series, which will launch in December 2011, and counts Sachin Tendulkar amongst its backers.
The identity of the new investors has not been disclosed but they include a private family office and an industry expert. Their investment will support the future expansion of the business as well as provide an exit for one of the founders of the business, who has retired, and for certain minority interests.
M&A International Inc.’s members in the UK (Cavendish Corporate Finance) and Germany (Angermann M&A International) advised Radical on securing the investment, with Cavendish coordinating the process and Angermann identifying and introducing one of the new investors. |
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