Saturday December 9, 2023

Supercar Manufacturer Seeking $500M in Equity Funding

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Supercar manufacturer McLaren wants to raise more than $500 million and could do so through a blank-check merger with a special acquisition company.

A SPAC deal would take McLaren public, joining Aston Martin and Ferrari as publicly-traded supercar manufacturers. SPACs emerged as a popular investment vehicle this year, raising over $72 billion, up from $13.6 billion in 2019.

Other investment options are also in play as the company looks to raise money and bolster a business that’s been ravaged by the pandemic.

McLaren could sell a minority stake in its prestigious racing division. The team has won 12 F1 Driver’s Championships — second behind Ferrari — and was once home to Lewis Hamilton, the circuit’s all-time wins leader.

Sales fell 60% year-over-year to $518.3 million in the first nine months of 2020, forcing McLaren to lay off a quarter of its staff and raise emergency funds. The company is cutting debt ahead of refinancing its bonds over the next year.

Through Q3: 2020 vs. 2019

  • 897 cars sold vs. 3,306
  • $518.3 million in revenue vs. $1.3 billion
  • $20 million in profit vs. $373 million

Mumtalakat Holding Company, the sovereign wealth fund of the Kingdom of Bahrain, owns more than 56% of McLaren.

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