Porsche Exits Bugatti Rimac, HOF Capital Takes Steering Wheel

Porsche is stepping back from one of the most closely watched automotive joint ventures in recent years. The German carmaker has agreed to sell its stakes in Bugatti Rimac and Rimac Group to a consortium led by New York-based investment firm HOF Capital. The agreements were signed on 24 April, with completion still subject to regulatory approvals and other standard conditions. If all goes to plan, the deal should close before the end of 2026.

For a bit of context, Porsche and Rimac Group set up Bugatti Rimac in 2021, bringing together the storied Bugatti brand and Rimac’s high-performance electric technology. Porsche held a 45% stake in the joint venture, while Rimac Group controlled 55%. On top of that, Porsche also owned 20.6% of Rimac Group itself. Under the newly signed agreement, Porsche will fully divest both holdings.

The buying side is led by HOF Capital, with BlueFive Capital as its largest investor and additional institutional backers from the US and EU. Once the transaction is finalised, Rimac Group is expected to take full control of Bugatti Rimac. HOF Capital, meanwhile, will become the largest shareholder in Rimac Group alongside its founder, Mate Rimac, who also serves as CEO of Bugatti Rimac. Financial terms remain confidential, except where disclosure is required by reporting rules.

Dr Michael Leiters, CEO of Porsche AG, said the joint venture had successfully laid the groundwork for Bugatti’s future. He pointed out that Porsche’s early investment helped Rimac Technology grow into what is now an established Tier‑1 automotive supplier. With the sale, he added, Porsche is sharpening its focus on its core business. He also thanked Mate Rimac and his team for what he described as constructive and trusting cooperation over recent years.

Mate Rimac, for his part, acknowledged Porsche as a crucial partner in getting Bugatti Rimac off the ground. He said the structure now in place would allow the company to move faster on its long-term vision, and he welcomed the new investors coming on board.

Hisham Elhaddad, Co-Founder and Managing Partner at HOF Capital, described Bugatti as a brand where heritage and innovation coexist at the highest level. He said the firm is proud to partner with Mate Rimac to shape the next chapter, balancing disciplined growth with craftsmanship and originality. Hazem Ben-Gacem, Founder and Chief Executive of BlueFive Capital, painted Bugatti as “a monument to automotive obsession”, saying his firm sees the deal as more than a financial transaction and aims to honour the brand’s legacy.

The Rimac Group today is more than just hypercars. It owns 100% of Rimac Technology and Rimac Energy, has an investment in Verne, and oversees an ecosystem employing more than 2,000 people. From its headquarters on the outskirts of Zagreb, it develops and produces Bugatti and Rimac-branded hypercars, as well as battery systems, powertrains, electronics, stationary storage and even robotaxis. Not bad for a company that, not too long ago, was seen as a scrappy EV upstart.

I still remember when Rimac first appeared on the radars of many in our region; for plenty of founders across MENA reading Arageek, it was proof that a bold hardware vision from outside the usual hubs could actually go the distance. That kind of story sticks. And believe it or not, seeing such a company now reshuffle ownership at this level feels almost surreal.

That said, Porsche’s move is hardly dramatic. Large corporates regularly trim portfolios to focus on what they see as core strengths. I reckon this is less about retreat and more about recalibration. On the flip side, bringing in a growth-focused investor like HOF Capital, which manages more than $10 billion in assets and has backed names such as SpaceX and Anthropic, could give Rimac fresh firepower at a critical stage.

HOF typically invests from early cheque to IPO, with a thematic focus on AI, frontier technologies and iconic brands. Pairing that playbook with Bugatti’s heritage and Rimac’s engineering nous is, on paper at least, a neat fit. Well… as neat as things get in high-performance automotive, which is rarely a calm ride.

For founders watching from MENA and beyond, there’s a simple takeaway. Partnerships evolve. Cap tables change. What matters is whether the long-term vision survives the shuffel and whether the new structure helps the company move faster, not slower. By the look of it, Rimac and its new backers are betting it will be definately the former.

🚀 Got exciting news to share?

If you're a startup founder, VC, or PR agency with big updates—funding rounds, product launches 📢, or company milestones 🎉 — AraGeek English wants to hear from you!

✉️ Send Us Your Story 👇

https://en.arageek.com/send-us-your-story-or-a-news-tip