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.