After a strategic review to focus the company’s growth as a global luxury supercars and elite motorsport business, the McLaren Group has agreed to sell its Applied division to Greybull Capital.
The business will continue to be led by the current McLaren Applied management team and will serve its existing customer base with Greybull investments that will enable the company to further develop its current business strategy.
Applied has led the digital transformation of motorsport through electronics and data systems for over thirty years, including the delivery of the official control unit to Formula 1, and is now also developing technologies for sustainable change in the automotive industry, transportation and beyond.
The Applied divestment strengthens the McLaren Group’s strategic focus on supercar manufacturing and elite motorsport with automotive as the main profit driver. It builds on the Group’s recent equity increase and the introduction of a major debt restructuring and successful introduction of a minority stake in McLaren Racing last year.
McLaren Applied will continue its technology business focused on transformative and innovative products in electrification and telemetry, control and analytics. Greybull’s investment will support the company’s strategy of seizing new market opportunities while building on its history in motorsport and automotive applications.
“The completion of the Applied strategic review is the latest in a series of proactive steps towards building a more focused and profitable group,” said Paul Walsh, executive chairman, McLaren Group. “McLaren now has the right strategy and focus to achieve our ambitions as a global luxury supercar and elite motorsport company, backed by a more sustainable capital structure.
“At the same time, we are pleased that Greybull’s investment provides a strong platform for McLaren Applied to innovate and grow as a world-class technology, data insight and analytics company.”
“We are excited to secure the investment that underpins our strategic intent to create a better future by leveraging our electrification and telemetry, control and analytical capabilities,” added Anthony Murray, chief executive officer of McLaren Applied . “We remain focused and committed to our existing customer and market segments of motorsport, automotive and public transport, and this additional investment will ensure that we can provide long-term stability and additional funding to develop market-leading innovations for our customers.”
“McLaren Applied is at the forefront of UK innovation,” said Marc Meyohas, Managing Partner at Greybull Capital. “McLaren Applied has been leading the digital and electric evolution of motorsport for over 30 years and the application of these Formula 1 technologies is becoming increasingly widespread. Applied plays a key role in the entire transportation sector, providing solutions that enable more. Resource efficiency, connectivity and Electrification.”
The transaction is expected to be completed by the end of August 2021. Financial terms were not disclosed.
One has to wonder what Ron Dennis is thinking as the McLaren he left behind is slowly being dismantled in his efforts to survive.
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