Private equity firm swoops on Morgan sports cars
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After 110 years of family ownership, British car maker Morgan is being bought by a European private equity firm.
It is selling a majority stake to Italian group Investindustrial in a deal expected to be completed next month.
Morgan's founding family will keep a small stake, with no job losses expected at its factory in Worcestershire.
Morgan makes 700 cars a year by hand, with sales of £33.8million and profits of £3.2million last year.
Chairman Dominic Riley said: 'This is a new partner that is absolutely right to let us grow and fulfil our potential globally.
'We will expand production, accelerate product development, develop new cars and recruit more staff to our Malvern base and worldwide.'
Morgan was set up in 1910 by Henry Frederick Stanley Morgan, who built a car for himself before spotting an opportunity.
Milan-based Investindustrial owns 31 per cent of Aston Martin.