McLaren is to sell off its applied technology group to focus on its luxury car and racing business.
McLaren Applied will continue to be led by its current management team and service its existing customer base with the backing of UK private equity firm Greybull Capital.
The transaction is expected to complete by the end of August 2021 and financial terms were not disclosed. McLaren Applied will continue to operate its technology business in electrification and telemetry, control and analytics, developing new inverter designs and energy storage applications.
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Greybull has backed Plessey in its move to microLED display device manufacturing. However it also backed the failed consumer electronics group Comet, the failed mobile phone recycling business Redeem and the failed steel maker British Steel.
"We are delighted to secure the investment which will underpin our strategic intent to pioneer a better future, leveraging our electrification and telemetry, control and analytics capability,” said Anthony Murray, CEO 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 we can provide long-term stability and additional finance to develop market leading innovations for our customers."
The divestment of Applied further enhances McLaren Group's strategic focus on supercar manufacturing and elite motorsport, with Automotive as the core profit driver. It builds on the Group's £550m equity and refinancing deal with the Saudi Public Investment Fund last month, along with a minority investment from MSP Sports Capital in McLaren Racing last year.
"The completion of the strategic review of Applied is the latest in a series of proactive steps to build a