BlueFive Capital / HOF Capital invest in Bugatti Rimac

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.