Investment Firm Buys British Classic Car Business

New York City-based HPS Investment Partners LLC has purchased JD Classics, a British restoration and racing specialist, out of receivership for an undisclosed price.

JD Classics will be operated under HPS’ newly created Woodham Mortimer Ltd. subsidiary. The business will continue to be based in Essex, England.

The deal includes JD Classics’ workshop, restoration business, and racing team. The company employs 60 people and owns more than 110 European classic cars, including several high-value Aston Martin, Ferrari, Jaguar and Maserati models.

Jean Marc Gales, who was hired by JD Classics earlier this year, will head Woodham Mortimer. Gales joined JD Classics from Group Lotus, which he had headed since 2014.

Gales succeeded Derek Hood, who formed JD Classics in 1987. A customer sued Hood in April, claiming "catastrophic losses” during the trading of 41 vehicles. As a result of the lawsuit, the classic car firm faced $30 million in potential red ink.