Porsche sells Bugatti stake to HOF, BlueFive in deal above €1 billion

Porsche AG has agreed to sell its stake in the venture that owns the Bugatti supercar brand to a consortium led by HOF Capital, the fund co-founded by a scion of Egypt’s billionaire Sawiris family.

Abu-Dhabi based private equity firm BlueFive Capital will come in as the largest investor in the consortium, which will also include a group of institutional investors across the US and EU, according to statements released Friday.

Since 2021, Bugatti has operated as a joint venture where Porsche held a 45% stake, and Croatia’s Rimac Group held 55%. Under this transaction, Porsche will fully divest its equity stake in Bugatti Rimac and its 20.6% holding in Rimac Group.
Bloomberg News reported in December that HOF Capital and BlueFive Capital were in talks to acquire Porsche’s stake in Bugatti Rimac. At the time, people familiar with the matter said the deal could be valued at more than €1 billion ($1.2 billion). Friday’s statements did not provide a valuation. A spokesperson for Porsche declined to comment.

BlueFive is a private equity firm run by former Investcorp executive Hazem Ben-Gacem. HOF Capital was co-founded by Onsi Sawiris, who’s the son of billionaire Naguib Sawiris and grandson of the late Egyptian construction magnate also named Onsi Sawiris.