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Replies to post #6737 on Saleen Automotive, Inc. (fka SLNN)
06/05/15 9:29 AM
July 29, 2012 8:00 p.m. Updated 7/30/2012
Investors park their car biz in Ex-Saleen digs
A group of former auto executives is taking advantage of a real estate deal to create a hub for high-performance vehicle businesses in metro Detroit.
It's an idea from a group of self-proclaimed gearheads to turn their hobby into a viable business, and who last month bought a vacant Saleen Special Vehicles manufacturing facility in Troy.
Automotive Performance Industries LLC was formed in January by a group of three investors, led by Karl Storrie, former CEO of Rochester Hills-based auto supplier Dura Automotive Systems Inc., and Tony Johnson, founder of Minneapolis-based Hidden Creek Industries. The third partner did not want to be named.
In the building, they plan to organize a stable of businesses that create high-performance vehicles, show cars and specialty fleets.
The API investors, through 1225 Maple Road Holdings LLC, paid $3.75 million last month for the 183,000-square-foot manufacturing space at 1225 Maple Road. The building has offices, a showroom and, notably, a "high-bake" vehicle painting system.
Storrie said that 35,000-square-foot painting facility cost $7 million when it was installed a decade ago by Saleen, the building's former owner. Known for its work on the Saleen Mustang and the Ford GT, the firm moved its Troy operations to its headquarters in Irvine, Calif., in 2009.
"We have very clear expansion plans because of the unique capabilities we have with this building -- particularly the high-bake paint system," Storrie said. "One of our partners told me, 'Get us the Saleen building, and we'll triple our business.' "
