British exotic car maker Aston Martin has sold off a 37.5 percent stake in its business to a European private equity firm to help secure the automaker’s next five years of product development.
The firm, Investindustrial, made headlines earlier this year when it sold off Italian motorcycle maker Ducati to Audi.
“I am delighted that Investindustrial has decided to become a major investor in Aston Martin,” said company chairman David Richards. ” With the support of The Investment Dar, we have made substantial progress over the past five years in laying the foundations for success as one of the world’s leading luxury sports car manufacturers. Investindustrial’s new investment reflects and sustains the unique position of Aston Martin within the industry. With this partnership and the continued commitment of The Investment Dar, we look forward to working with our shareholders as we realise our vision and exciting future plans.”
In a statement, Andrea C. Bonomi, Senior Principal at Investindustrial, outlined the major goals of the new investment, including strengthening Aston Martin’s dealership network, as well as broadening its model range.
” We are looking forward to working with the management and Investment Dar to achieve a similar transformation and rejuvenation that we achieved with Ducati,” said Bonomi.