BlueFive Capital / HOF Capital invest in Bugatti Rimac
Context
The German automotive manufacturer Porsche AG officially sells its entire 45 percent stake in Bugatti Rimac alongside its 20.6 percent holding in the overarching Rimac Group to an institutional investor consortium led by HOF Capital and BlueFive Capital. Finalized on September 9, 2026, following the receipt of all necessary regulatory authorizations, this landmark transaction generates approximately one billion euros in total proceeds for the exiting corporate shareholder, Porsche. Under the rigorously negotiated shareholding reconfiguration, the incoming financial sponsor BlueFive Capital formally acquires a 30 percent block in the joint venture, securing the right to appoint one direct board member and two observer seats. Concurrently, the co-investing syndicate led by HOF Capital absorbs the remaining 15 percent of the hypercar division while simultaneously increasing its existing equity position in the parent holding company to 23.5 percent. This structural maneuver significantly deepens the latter fund's governance footprint, granting it three seats across the supervisory boards, with managing partner Hisham Elhaddad joining both directorates and partner Josh Klaczek entering the parent company's board. For the selling automotive group, this divestment concludes an eight-year investment cycle that originally began in June 2018. The exiting corporate entity will systematically allocate 250 million euros from the generated proceeds to directly fund its internal pension liabilities, a financial maneuver that subsequently upgrades its 2026 Automotive Net Cash Flow Margin guidance to a targeted 5.5 to 7.5 percent. This capital shift triggers key executive realignments within the targeted enterprise, elevating founder Mate Rimac to the role of Chairman of Bugatti Automobiles, effectively replacing Christophe Piochon. To execute this complex multijurisdictional equity transfer, the selling corporation mandated Mediobanca—with a dedicated team comprising Francesco Dolfino, Mauro Armanni, and Emanuele Fabbri—as sole financial advisor, supported by Linklaters for legal structuring. On the buy-side, HOF Capital retained Morgan Stanley and Davis Polk & Wardwell, while BlueFive Capital was advised by Rothschild & Co and Dorsey & Whitney. Furthermore, the targeted hypercar manufacturer received independent strategic counsel from the investment bank Lazard and the law firm White & Case throughout the transaction process.
Bugatti Rimac, which reported an EBITDA margin of in 2026, is valued in this transaction at an EV/EBITDA multiple of , a level to compare with the average currently observed in the Industry & Manufacturing sector (11.7x).
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Target
Bugatti Rimac Group is a specialized automotive holding company that directly oversees the advanced engineering operations of Bugatti, Rimac and Rimac Technology. Founded by Mate Rimac, the Croatian enterprise functions as a premier manufacturer of hypercars and high-performance electric mobility components. Formally structured in January 2022, the organizational architecture centralizes proprietary electric hypercar development alongside the historical Bugatti automotive business. The commercial portfolio caters exclusively to an ultra-high-net-worth client base, relying on a strategic business model characterized by strictly limited supply production and exceptionally strong pricing power. Under the executive leadership of the founder, supported by Chief Operating Officer Marko Brkljačić and Chief Commercial Officer Hendrik Malinowski, the enterprise engineers cutting-edge automotive technologies. The integrated industrial operations successfully bring together legacy automotive heritage with modern electrification innovation, securing a dedicated niche within the global luxury vehicle sector. By consolidating advanced battery systems, custom drivetrain engineering, and hypercar assembly workflows, the manufacturer ensures that its product lines deliver uncompromising performance metrics while systematically maintaining brand exclusivity across elite international markets.
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REFERENCES
Revenue range: 450M - 900M EUR
EBITDA range: 150M - 250M EUR
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Press release: view release
Target: bugatti rimac
Acquirer: bluefive capital