Porsche Sells Stakes In Bugatti Rimac And Rimac Group To HOF Capital-Led Consortium

Germany-based automotive manufacturer Porsche is selling its equity stakes in the Croatia-based investment holding company Rimac Group and the Croatia-based hypercar joint venture venture Bugatti Rimac to a consortium led by New York-based investment firm HOF Capital. 

HOF Capital, co-founded by Egyptian entrepreneurs Hisham Elhaddad, Onsi Sawiris, and Fady Yacoub, is leading the consortium acquiring Porsche’s stakes, which includes BlueFive Capital, the Abu Dhabi-based investment firm founded and led by Hazem Ben-Gazem, as its largest investor, alongside a group of institutional investors across the US and European Union (EU). 

Bugatti Rimac was established in 2021 as a joint venture between Porsche and Rimac Group to serve as home to the luxury automotive Bugatti brand, with Porsche holding a 45 percent minority stake and Rimac Group owning 55 percent, while Porsche also held a 20.6 percent stake in Rimac Group. The transaction will see Porsche fully divest its equity stake in both companies to the HOF Capital-led consortium. 

Once the transaction is completed, Rimac Group is set to take control of Bugatti Rimac and form a strategic partnership with HOF Capital and BlueFive Capital to support the growth of the brand. HOF Capital is also expected to join Rimac Group as the largest shareholder alongside Mate Rimac, founder of Rimac and CEO of Bugatti Rimac.

In a statement, Michael Leiters, CEO of Porsche AG, said, “In setting up the joint venture Bugatti Rimac together with Rimac Group, we successfully laid the foundation for Bugatti’s future. And as an early-stage investor of Rimac Group, Porsche made a significant contribution to developing Rimac Technology into an established tier-one automotive technology company. Now, with the sale of our stake, we demonstrate, that we will focus Porsche on the core business. We would like to thank Mate Rimac and his team for the constructive and trusting cooperation over the past years.”

For his part, Rimac said, “Porsche has been a crucial partner, and we are deeply grateful for their role in establishing Bugatti Rimac. With the strong foundations their support has provided, we now have a structure that allows us to execute even faster on our long-term vision. We look forward to our collaboration with our new partners.”

BlueFive Capital's Ben-Gacem added, “Bugatti is a monument to automotive obsession, born from Ettore Bugatti’s pursuit of beauty and performance combined. 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.” 

The transaction agreements were signed on April 23, with completion subject to customary conditions precedent, including regulatory clearances. The deal is expected to close before the end of 2026. The parties have agreed to keep the financial terms confidential, except where disclosure is required under applicable financial reporting obligations.

Image via HOF Capital/LinkedIn.