Canadian food mogul buys 10% of McLaren for £204m

Canadian food mogul buys 10% of McLaren for £204m

The McLaren Group has seen the entry of a new major shareholder in Canadian Michael Latifi. The owner of Sofina Foods, the third largest food company in Canada, invested almost £204 million (RM1.09 billion) in return for a 10% stake in the group, which includes McLaren Automotive, McLaren Racing and McLaren Applied Technologies.

He’s the third largest shareholder in McLaren now, behind the Bahrain Mumtalakat Holding Company (56%) and Mansour Ojjeh’s TAG Group (14%).

“This injection of capital is a vote of confidence in our future strategy and the group remains as focused as ever in positioning for growth. We are delighted Michael Latifi has joined the McLaren family,” said McLaren Group executive chairman Shaikh Mohammed bin Essa Al Khalifa.

Latifi, whose son Nicholas is a Force India F1 test driver and F2 regular with DAMS Racing, said. “I have been an admirer of the McLaren brand and its businesses for some time. McLaren is a unique organisation in automotive, racing and technology with exciting long-term growth prospects, which is why I have made this investment. I am proud to be part of McLaren and this incredible brand.”

“This new capital, which is part of the group’s simplification over the last 12 months, will significantly strengthen the group’s balance sheet and underpins its ambitious growth plans laid out in its five-year business plan,” McLaren said in a statement.

The McLaren F1 team, which has ditched Honda power for Renault engines, is currently fifth in the constructor standings after five races. With 40 points, it’s a point behind the works Renault team but 40 points behind fellow Renault customer Red Bull. The road car division came up with the Senna late last year, a wild 789 hp road-legal track monster.

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Danny Tan

Danny Tan loves driving as much as he loves a certain herbal meat soup, and sweet engine music as much as drum beats. He has been in the auto industry since 2006, previously filling the pages of two motoring magazines before joining this website. Enjoys detailing the experience more than the technical details.

 

Comments

  • Habisla McLaren! Sudah dijual to Canada.

    Like or Dislike: Thumb up 1 Thumb down 2
  • Mikey on May 22, 2018 at 12:51 pm

    WOW. £204 million must be small change for Michael Latifi to fork out for just 10% of McLaren. Is this how Billionaires flaunt their wealth ??

    Like or Dislike: Thumb up 0 Thumb down 0
  • fadzili Rahman on May 22, 2018 at 2:54 pm

    Another Iranian Tycoon in automotive business. it is interest ting to see how Iranians are successful overseas. UBER Boss, top brass in Google, facebook, FCA, GM, NASA, BMW are all Iranians who left Iran long time. now McLaren also is part of their portfolio. Rezvani and also ARASH cars are also owned by Iranians also the very special Bijan Automotive in US.

    Like or Dislike: Thumb up 6 Thumb down 0
  • Jimmy Tan Siew on May 22, 2018 at 4:15 pm

    Iranians are smart and business savvy only they got bad name in Malaysia due to drug trafficking which I think already stopped. Malaysia must use their knowledge and ideas of Iranians who are in malaysia in universities or business and many are not appreciated and treated bad by the locals employers. I hope Tun M look into this matter.

    Like or Dislike: Thumb up 2 Thumb down 0
    • stastasta on May 24, 2018 at 1:47 pm

      if not mistaken, malaysia is officially pro-saudi , and thus anti-iran.

      Like or Dislike: Thumb up 1 Thumb down 0
 

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