Michigan Group Buys most of Saleen

Most of Saleen Inc. was bought by Michigan Group after the specialty car company’s recent fold up last November. A few months ago, the company’s future was all blurry with the dismissal and rehiring of its employees.

Saleen Inc.’s future is a little clearer today after the Michigan Group’s purchase. Late last year, Saleen’s performance street car program and supercharger was purchased by MJ Acquisitions. The deal included the aftermarket business in Los Angeles formerly owned by Hancock Park Associates.

Among the few of Hancock’s remaining properties include Saleen’s supercars: the S5 and S7 Raptor concept, and the Viper paint-shop operation.

For now, ASC, Saleen’s sister company, is also still under the management of Hancock. The terms of the sale with MJ Acquisitions were not disclosed to the public.

This year also saw the stepping down of Saleen President Chris Thedore from position. He is set to leave by the end of February, and is currently closing the sales of what’s left of Saleen, Inc.

A number of Saleen’s top executives already left the company last year. This downfall seems to have been initiated by the departure of Saleen’s founder in 2007.

Although parts of Saleen, Inc. is under new hands, the new owners still plan to continue the company’s legacy. Saleen has been associates with powerful Mustangs since 1984. The company was also responsible for several Ford engines.

The new owners say that they are only looking at possible prospects to stabilize their footing, but they still see a lot of promise for the company in the industry.