3/2/2009 - Saleen S5S Raptor Concept

The Raptor S5S,Saleen

Saleen Automotive announced last November that it was seeking a potential buyer, with management acknowledging the firm has suffered financially from the economic downturn and rising fuel prices. Today Saleen has announced the sale of its supercharger, aftermarket and high-performance street vehicle business elements to MJ Acquisitions.

The result is complete unemployment for Saleen's workforce, though the company says hirebacks are already underway. Not sold in the newly announced deal were Saleen's S5 Raptor and S7 supercars and the company's paint operations. "We are working with the talented team from Saleen and our own experts to continue the quality, delivery, and performance the customer base and dealership network have come to expect from the Saleen brand," said Mike Shields, President and CEO of MJ Acquisitions.Saleen was a specialty vehicle manufacturer and a long-time tuner Ford tuner, and most recently unveiled its own concept vehicle, the Raptor S5S. The company has close links Ford and its dealer network, and is responsible for part of the assembly of some of the Detroit carmaker's limited production vehicles.In 2004 controlling interest was sold to investment group Hancock Park Associates in an effort to raise capital, however there were reportedly a number of major conflicts within the company, mostly between the Saleen family and the new management board.The company has faced a number of hurdles since then, having lost its founder Steve Saleen, who chose to start another venture, dubbed SMS after his initials, in 2007 and CEO Paul Wilbur in August of 2008. September saw additional departures of many senior officials and a freeze on production of many major product lines. Saleen has also been selling its office and factory equipment in a clearinghouse style auction, with more than 20 brand new 2008 Mustang GTs, tools, cabinets, office equipment, and factory machinery all going under the hammer toward the end of last year.