The investment in Aston Martin Aramco Cognizant Formula One Team is expected to close by year end.
17 Nov 2023 | 1837 Views | By Autocar Professional Bureau
The Aston Martin Formula One investment team said that it has agreed on an investment from US private equity firm Arctos Partners, in exchange for a minority shareholding.
The investment in Aston Martin Aramco Cognizant Formula One Team is expected to close by year-end, the press release noted.
The ...
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The Aston Martin Formula One investment team said that it has agreed on an investment from US private equity firm Arctos Partners, in exchange for a minority shareholding.
The investment in Aston Martin Aramco Cognizant Formula One Team is expected to close by year-end, the press release noted.
The stake sale, terms of which were not disclosed, values the racing group at 1 billion pounds, a person with knowledge of the matter told Reuters.
Lawrence Stroll, Executive Chairman of Aston Martin Aramco Cognizant Formula One Team, said: "I am delighted to welcome Arctos Partners as a new partner and minority shareholder in the Aston Martin Aramco Cognizant Formula One Team."
"Arctos see the potential and value of this project as we continue to build a world-class Formula One team. They share our vision for our ultra-luxury brand, and they are extremely passionate about the sport and its prospects.
"We are investing in infrastructure, people and processes, and this is the perfect time to add strength in depth with the operational expertise and strategic experience of Arctos. Together, we will continue to drive this team forward and build an even brighter and successful future."
Doc O'Connor, Managing Partner, Arctos Partners, said: "We look forward to collaborating with Aston Martin Aramco Cognizant Formula One Team and view the opportunity as the beginning of a long-term partnership with Lawrence and the entire organisation. This investment is consistent with our firm's strategy, which focuses on backing leading sports brands across North America and Europe."
The Raine Group served as exclusive financial advisor to Aston Martin Aramco Cognizant Formula One Team.