Saleen Inc "For Sale"

[TMN]

IRVINE, CA -- November 7, 2008 -- SOEC/Saleen Forums News -- Automotive News reported today that specialty car builder Saleen Automotive is seeking a buyer. The company has experienced trying times in an industry segment that has seen slow sales due to high gas prices and tougher financing.

"The [HPA] board has set a tentative timetable to receive preliminary indications of interest from prospective parties over the next two months and plans on finalizing a transaction in early 2009," reports Automotive News.

Saleen Automotive has suffered from internal struggles in recent years. While founder Steve Saleen and other partners continue to own a substantial interest in the company, controlling interest was sold to investment group Hancock Park Associates in 2004 as part of the cash infusion needed to expand facilities for the Ford GT program. There was a surprisingly high turnover of their own CEOs who were brought from within the firm, but from outside the industry. Reportedly heads butted over the years, and eventually Steve Saleen left the company in May of 2007 with several key engineers. The three Saleen children, Clint, Sean and Molly, left just a few months later. Saleen's wife Liz left the company in 2006.

Saleen Automotive's CEO Paul Wilbur left in August of 2008, followed shortly by its General Manager Marques McCammon -- both from ASC -- and both ended up in a green car company in San Diego County. September saw additional departures of upper management as well as throughout the ranks as vehicle production stalled.

The sale of the company may be a tough order in these challenging times, as auto sales in general are slowed as financing is tight. Paint and partial assembly of the Dodge Viper are done at Saleen Automotive, but the uncertain future of that program complicates matters as Chrysler LLC consideres selling that Dodge brand.

Saleen Automotive had been operated in California for nearly 25 years, all production had been moved to Michigan in 2007.


SOEC, founded in 1991, is the premiere organization for Saleen owners and enthusiasts, with thousands of members worldwide. Visit http://www.soec.org for more information.

[chiefstang]

Shocker. This after their oh so polite insistence that they weren't going out of business during the fire sale.

Guess that answers the "Is Saleen the same without Steve?" poll you ran.

Sad times, though. Hate to see any performance manufacturer struggle, let alone one that has been so successful with the Mustang.

[TMN]

Originally Posted by chiefstang

Shocker. This after their oh so polite insistence that they weren't going out of business during the fire sale.

Guess that answers the "Is Saleen the same without Steve?" poll you ran.

Sad times, though. Hate to see any performance manufacturer struggle, let alone one that has been so successful with the Mustang.

Funny that. Marques McCammon left the company within days of that nasty response he belted out at the media.

Best case is that Steve Saleen can somehow pull the whole thing back into his orbit and continue doing what he does best. We will see.

[TMN]

Company Press Release:

Saleen Automotive, America's premiere automotive lifestyle brand, today announced that is has retained an investment banking advisor to explore the sale of its global auto operations and to assess other strategic initiatives.

Saleen has engaged William Blair & Company, L.L.C. to provide independent advice to the management and board of directors as the company continues toward a sale. The board has set a tentative timetable to receive preliminary indications of interest from prospective parties over the next two months and plans on finalizing a transaction in early 2009.


About Saleen


Since the company's inception in 1984, Saleen has produced over 12,000 complete and EPA certified vehicles, more than any other specialty automobile manufacturer. In addition, Saleen has provided components for installation on more than 600,000 vehicles worldwide, further illustrating its capabilities and commitment to excellence. A nine-time Manufacturers' Champion in GT sports car racing, Saleen manufactured the American super car -- the Saleen S7, as well as the S281 Mustang, S331 Sport Truck, the Dan Gurney and Parnelli Jones Special Edition Mustangs, Racecraft 420S and limited edition 25th Anniversary "Sterling Edition" and "Dark Horse" Mustangs. In addition, Saleen provided all paint and assembly of the Ford GT as a special project for Ford Motor Company. Saleen currently provides paint and subassembly for the Dodge Viper SRT-10. Saleen's capabilities include prototype fabrication, engine and supercharger assembly, vehicle paint and assembly, as well as niche vehicle prototype and build. Current special projects include the Gibbs Aquada and the limited volume "Dearborn Deuce". Saleen's World Headquarters is located in Troy, Michigan.


About William Blair & Company


William Blair & Company, L.L.C. is a global investment firm offering investment banking, asset management, equity research, institutional and private brokerage, and private capital to individual, institutional, and issuing clients. Since 1935, we have been committed to helping clients achieve their financial objectives. As an independent, employee-owned firm, our philosophy is to serve our clients' interests first and foremost. We place a high value on the enduring nature of our client relationships, the quality of our products and services, and the continuity and integrity of our people. William Blair & Company is based in Chicago, with office locations including Boston, London, New York, San Francisco, Shanghai, Tokyo, and Zurich. For more information, please visit www.williamblair.com.

[Mr Dayzee]

I would about bet my right arm that Steve ends up with it in the end or a close investor of his...