Aston Martin stake sold for 150m
* Italian investment firm buys stake in Aston Martin * 150m buys a 37.5% stake * Company plans major investment in next five years...
Aston Martin has sold a 37.5% stake worth 150 million to an Italian private equity firm.
The company, Investindustrial, recently sold motorcycle producer Ducati to Audi for $1.1billion (around 692 million).
The newly restructured company says it will invest more than 500 million over the next five years. It was also confirmed that production of Aston Martins range of cars will continue at the companys Gaydon factory in Warwickshire.
Aston Martin chairman David Richards said: I am delighted that Investindustrial has decided to become a major investor in Aston Martin. With the support of Investment Dar [a Kuwaiti shareholding company], we have made substantial progress over the past five years in laying the foundations for success as one of the worlds leading luxury sports car manufacturers.
Investindustrials new investment reflects and sustains the unique position of Aston Martin within the industry. With this partnership and the continued commitment of Investment Dar, we look forward to working with our shareholders as we realise our vision and exciting future plans.
Andrea C. Bonomi senior principal at Investindustrial said: We are looking forward to working with the management and Investment Dar to achieve a similar transformation and rejuvenation that we achieved with Ducati, by expanding the model range and strengthening the dealership network, throughout the world.