HOF Capital is leading a consortium to acquire Porsche AG’s stakes in Bugatti Rimac and Rimac Group….reports Africa Newsdesk
Porsche AG has agreed to sell its equity stakes in Bugatti Rimac and Rimac Group to a consortium led by New York based investment firm HOF Capital, in a landmark deal that will strengthen founder Mate Rimac’s control over the luxury hypercar and electric vehicle group.
The transaction agreements were signed on April 24 and remain subject to regulatory approvals and other customary conditions. The deal is expected to close before the end of 2026, though the financial terms have not been disclosed.
The agreement marks another major milestone in the extraordinary rise of Mate Rimac, who founded the company in 2008 after building an electric powertrain in his parents’ garage in Samobor, Croatia. At just 18 years old, Rimac began experimenting with electric vehicle technology after the engine in his 1984 BMW failed during an amateur motorsport race. Instead of replacing it, he decided to build his own electric drivetrain from scratch using parts sourced online.
What started as a garage project eventually evolved into Rimac Group, a company that now employs more than 2,000 people and develops some of the world’s most advanced electric hypercars and EV technologies for leading global carmakers.
In 2021, Porsche and Rimac Group formed the Bugatti Rimac joint venture to oversee the future of the iconic Bugattibrand. Under the arrangement, Rimac Group held a 55 per cent stake while Porsche owned 45 per cent. Porsche also held a 20.6 per cent stake in Rimac Group.
Under the new agreement, Porsche will fully exit both holdings. The HOF Capital led consortium includes BlueFive Capital as a major investor alongside institutional investors from the United States and Europe. Following completion of the transaction, Rimac Group will take full control of Bugatti Rimac and establish a strategic partnership with HOF Capital and BlueFive Capital to support future growth.
HOF Capital will also become one of the largest shareholders in Rimac Group alongside Mate Rimac. The investment firm said it first backed Rimac Group in 2022 after identifying the company’s unique mix of luxury automotive heritage, electric vehicle technology and future mobility innovation.
Under Mate Rimac’s leadership, Bugatti Rimac has introduced high profile hypercars including the Bugatti Mistral, Bugatti Bolide and the newly unveiled Bugatti Tourbillon, reinforcing Bugatti’s position as one of the world’s most exclusive automotive brands.
Michael Leiters, Chief Executive Officer of Porsche AG, said the joint venture had successfully secured Bugatti’s future and helped establish Rimac Technology as a leading automotive technology company. He added that Porsche’s exit reflects the company’s strategy to focus more strongly on its core business operations.
Meanwhile, Hisham Elhaddad, Co Founder and Managing Partner of HOF Capital, described Bugatti as a rare brand where heritage and innovation coexist at the highest level. He said the firm looked forward to supporting Mate Rimac and his team in shaping the next chapter of the company’s growth while preserving its tradition of craftsmanship and originality.
Hazem Ben-Gacem, Founder and Chief Executive of BlueFive Capital, said Bugatti represented an enduring symbol of automotive excellence and innovation, adding that the consortium aimed to help preserve the brand’s legacy for future generations.
