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Porsche is selling its Bugatti Rimac stake and walking away from Rimac

Porsche AG has agreed to sell its 45% stake in Bugatti Rimac to a consortium led by HOF Capital, with BlueFive Capital as its largest investor.

Under the terms of the deal, Porsche will also divest its 20.6% stake in Rimac Group, marking a complete exit from its investment in the Croatian electric hypercar maker.

Following the transaction’s completion, Rimac Group will take full operational control of Bugatti Rimac and form a strategic partnership with BlueFive and HOF Capital to support the brand’s growth.

HOF Capital was co-founded by a scion of Egypt’s #billionaire Sawiris family.
BlueFive Capital is a private equity firm led by Hazem Ben-Gacem, a former executive at alternative #Investment firm Investcorp.

“As an early-stage investor of Rimac Group, Porsche made a significant contribution to developing Rimac Technology into an established Tier-1 automotive technology company, with the sale of our stake, we are focusing Porsche on the core business.” said Michael Leiters, CEO of Porsche AG.

“With the strong foundations [Porsche’s] support has provided, we now have a structure that allows us to execute even faster on our long-term vision,” said Mate Rimac, CEO of Bugatti Rimac.

“BlueFive Capital approaches this opportunity as more than simply a financial transaction, and we look forward to working alongside the entire Bugatti Rimac team to honor that legacy for generations to come,” said Hazem Ben-Gacem, Founder and Chief Executive of BlueFive Capital.

Financial terms of the transaction were not disclosed.

Rimac founder Mate Rimac had expressed interests to buy Porsche’s stake last year, making a preliminary offer that valued the joint venture at slightly over €1 billion ($1.1 billion), Bloomberg reported, citing people familiar with the matter.

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