HOF Capital led an investors pool that purchased the stakes of Porsche. BlueFive becomes the second shareholder of Bugatti Rimac. The vendor allocates 250 million for the pensions that increases the 202 guidance for cash flow
Porsche AG fetched one billion euros out of the sale of its 45% of Bugatti Rimac and 20.6% of Rimac Group (a firm that Mate Rimac founded) to BlueFive Capital and a pool of investors that HOF Capital led. The parties received the regulatory authorizations for closing the deal that announced in April 2026 (see here a previous post by BeBeez, Rimac statement and Porsche press release).
Bugatti Rimac is a joint venture of which Rimac Group has 55%.
BlueFive Capital, an asset manager that Hazem Ben-Gacem founded, purchased from Porsche a 30% of Bugatti Rimac. The buyer will appoint a board member and two observer seats. HOF Capital and the other investors purchased 15% of Bugatti Rimac (BlueFive press release).
HOF Capital invested in Croatian Rimac Group’s 2022 Series D round of 500 million euros and now rose its stake to 23.5%.
The deal also strengthens HOF’s governance within the Rimac ecosystem. HOF secures a total of three seats on the supervisory boards of Rimac Group and Bugatti Rimac. Hisham Elhaddad, co-founder and managing partner of HOF Capital, joins the boards of both companies, whilst Josh Klaczek, a partner at HOF, joins the supervisory board of Rimac Group.
The deal is a significant development of BlueFive European private equity strategy. The firm born in November 2024 has over 15 billion US dollars in assets under management and views Bugatti Rimac as a brand with limited supply, strong pricing power and an ultra-high-net-worth client base.
Ben-Gacem said: “This is a landmark transaction for BlueFive and an important step in the expansion of our private equity business in Europe. Bugatti Rimac brings together two extraordinary brands, with exceptional heritage, innovation and global appeal, and we are delighted to partner with the Rimac Group as the company enters its next chapter.”
The closing has an immediately measurable financial impact for Porsche. The German car manufacturer will use 250 million out of the approximately one billion euros in proceeds to further fund its pension liabilities. Porsche revised its forecast for the 2026 Automotive Net Cash Flow Margin upwards to 5.5–7.5%, from previous 3–5%. The revision is significant because the guidance published with the 1H26 results did not incorporate the effects of the divestments. In 1H26, Porsche posteded revenue of 17.23 billion euros, down 5.1% from 18.16 billion in 1H25, whilst operating profit rose by 33.9% to 1.35 billion, with the return on sales improving to 7.8% from 5.5%. Deliveries, however, fell by 16.5% to 122306 cars (press release). The sale of Rimac is part of the Strategy 2035 programme, through which Porsche is refocusing its resources and organisation on its core business following a challenging 2025 (press release).
The billion-euro investment ends an eight-year journey. As BeBeez reported in April 2026, Porsche acquired a 10% stake in Rimac Automobili in June 2018, rose to 15.5% in 2019 and with a further 70 million euros investment to 24% in March 2021.
In July 2021, Volkswagen, Porsche and Rimac finalised the creation of Bugatti Rimac. Volkswagen contributed the Bugatti business to the new joint venture, whilst Rimac brought its own hypercar unit into it and took control of the company with a 55% stake, whilst Porsche had 45%. The joint venture became operational in November 2021 under the leadership of Mate Rimac.
In January 2022, the investors created Rimac Group, a holding company overseeing Bugatti Rimac and Rimac Technology. In June 2022, the company raised 500 million euros in a Series D funding round that SoftBank Vision Fund 2 and the private equity arm of Goldman Sachs Asset Management led and InvestIndustrial and HOF Capital joined on the ground of a 2 billion euros enterprise value.
Porsche also invested in the at round and gradually diluted its stake to 20.6%.
Rimac, CEO of Bugatti Rimac since 2021, will also take on the role of Chairman of Bugatti Automobiles and replace Christophe Piochon who will also resign as Chief Operating Officer of Bugatti Rimac (press release of Bugatti Rimac).
Marko Brkljačić will join the Bugatti Rimac leadership team as COO while Hendrik Malinowski will act as Chief Commercial Officer.
Rimac commented: “I am truly delighted that the transaction with Porsche and HOF Capital came to a closing. Porsche has been an invaluable partner over the years, enabling us to build a solid foundation for the brand’s future. I look forward to beginning our collaboration with HOF Capital, which will be a great asset in realising our long-term vision for Bugatti’s exciting future”.
Mediobanca’s Francesco Dolfino, Mauro Armanni and Emanuele Fabbri acted as sole financial advisers to Porsche whilst Linklaters provided legal assistance. HOF Capital retained Morgan Stanley and Davis Polk & Wardwell. Lazard and White & Case assisted Bugatti Rimac. As BeBeez reported at the time of the transaction’s announcement, BlueFive Capital appointed Rothschild & Co as financial adviser and Dorsey & Whitney for legal matters.
