Saab’s Parent Company Spyker Sold For $45 Million

By Blake Z. Rong | September 29, 2011
The Saab story continues, this time with a new chapter in its quest for money: in this latest game of Swedish musical chairs, Saab’s parent company Swedish Automobile is selling boutique supercar manufacturer Spyker to pay its debts. Spyker will be sold to a private equity firm called North Street Capital, based in America and chaired by race car driver Alex Mascioli. The deal will cost $44 million and retain Victor Muller as CEO and 45-percent of Saab under the new company’s holdings. Spyker bought Saab back in 2010, but has been bleeding money since then. Swedish Automobile hopes to use some of the money from this deal to settle its debts with suppliers and employers, while striving to stay afloat. The beautiful, handcrafted Dutch supercar is a rare sight. Its largest dealer (in Pittsburgh, Pennsylvania of all places) sold the most Spykers in America last year—a total of 3 cars. Spyker cars feature hand-formed metal dashboards, styling that can rightfully be labeled Art Deco, and a series of Audi powerplants. The company clearly takes its time in getting the details right: just 37 cars were built in 2009, and rumors claim that not a single one was cobbled together in 2010. Its most popular model, the Spyker C8, was featured in Basic Instinct 2—though its association with Sharon Stone may have actually hindered sales.