IDEA Sold to Quantum Kapital

Swiss company Rieter announced today it will be selling the IDEA Institute to Quantum Kapital, after owning it for ten years and releasing only a handful of concept cars. The price of the transaction was not announced (expectations are the sum to be paid will be somewhat small), while the deal is expected to close within a few weeks.

Founded by Franco Mantegazza in 1978, IDEA has been quasi-absent from the automotive scene for the better part of the ten years of Rieter ownership. Currently, the Institute employs 400 people in Italy, China, France and Romania, as well as engineering firms in India and Brazil. From non-automotive activities (interior and industrial design), IDEA has an average turnover of 40 million euros.

Despite this, Rieter is struggling to survive, so cutting cost and restructuring means getting rid of IDEA as well.

IDEA's automotive work (the Institute can be credited with vehicles like the Fiat VSS, Fiat Tipo, Nissan Terrano 2 and Daihatsu Move) only came back into the spotlight last year when, after a nine year's presence, the design think tank presented the ERA two seater gull-winged door roadster. For the 2010 edition of the same event, IDEA came up with a four-seater sedan, called Sofia, powered by a hybrid engine.

Quantum Kapital, the buyer of the Institute, is an investment company based in St. Gallen, Switzerland. The investment group is famous for buying restructured companies and them resell them.