HOF Capital has completed a €1 bn purchase of Porsche’s stakes in Bugatti Rimac and Rimac Group, emerging as the largest shareholder in Rimac Group with a 23.5% holding and three supervisory‑board seats.
Deal mechanics and regulatory clearance
The transaction, first announced in April 2026, closed on 10 September 2026 after the required antitrust approvals were secured in the EU and the United States. Private Equity Wire reported that the deal values Porsche’s combined interests at approximately €1 bn and that HOF Capital originated and led the acquisition. The closing gave HOF Capital a 23.5% equity stake in Rimac Group, a share that exceeds any other investor’s holding.
In addition to the Rimac Group stake, HOF and its consortium of institutional investors acquired Porsche’s remaining 45% direct interest in Bugatti Rimac. Rimac Group retains a controlling 55% interest in Bugatti Rimac, meaning the consortium now owns the full 100% of the Bugatti Rimac venture, albeit through two legal entities.
Board representation and strategic intent
With the closing, HOF Capital’s co‑founder and managing partner Hisham Elhaddad joined the supervisory boards of both Rimac Group and Bugatti Rimac, while partner Josh Klaczek took a seat on the Rimac Group board. The board appointments give HOF a direct voice in the companies’ strategic direction, product roadmap and capital‑allocation decisions.
Mate Rimac, founder and chief executive of Rimac Group, described the completion as “an important milestone for both Bugatti Rimac and the wider Rimac Group.” The comment, made in a press release accompanying the filing, underscores the significance of moving from a venture‑capital partnership to a shareholder with a sizeable equity stake and governance rights.
Why the timing matters
The regulatory clearance arrived just weeks after Porsche disclosed that the €1 bn proceeds would be redeployed to fund its 2026 cash‑flow‑margin outlook. While Porsche’s own guidance is outside the scope of this piece, the timing signals a broader shift in the high‑performance electric‑vehicle sector: private‑equity firms are moving from early‑stage funding to outright ownership of established brands.
Industry observers note that the deal marks HOF Capital’s first direct ownership of an established automotive brand, a departure from its historical focus on seed‑ and growth‑stage technology companies. The move could encourage other private‑equity houses to pursue similar large‑scale transactions in the EV space, where capital intensity and regulatory scrutiny have traditionally limited non‑strategic investors.
Sector context and comparable transactions
High‑performance EV manufacturers have attracted a wave of strategic and financial investors over the past five years. Notable examples include the €2.5 bn acquisition of Lucid Motors by a Saudi sovereign‑wealth fund in 2024 and the €800 m stake purchase in Polestar by a consortium of European investors in 2025. Those deals, however, involved either minority stakes or strategic partners with existing automotive operations.
HOF’s 23.5% holding sits at the higher end of private‑equity participation in the sector, where stakes typically range from 10% to 20%. The size of the stake, combined with board representation, gives HOF a level of influence comparable to that of a controlling shareholder, even though Rimac Group’s founder still holds the majority of voting rights through his 55% controlling interest in Bugatti Rimac.
Implications for the market and next steps
For investors tracking the high‑performance EV market, the deal adds a new layer of financial discipline to Rimac Group’s growth plans. HOF Capital’s track record in scaling technology businesses suggests a focus on operational efficiency, supply‑chain optimisation and expansion into new markets, particularly North America and the Middle East.
Key milestones to watch include:
- Integration of the newly acquired Porsche assets into Rimac’s existing R&D pipeline.
- Potential follow‑on financing rounds to fund the next generation of hypercars and battery technology.
- Regulatory filings that may reveal any earn‑out provisions or performance‑based payments tied to the €1 bn purchase price.
What remains unknown is the exact composition of the consortium backing HOF Capital and the extent of any non‑financial commitments, such as technology‑sharing agreements with Porsche’s broader automotive network. The filing does not disclose the number of seats HOF holds on the Bugatti Rimac supervisory board beyond the three mentioned, nor does it reveal any conditions attached to the board appointments.
Deal snapshot
| Metric | Value | Period | Source |
|---|---|---|---|
| Acquisition value | €1 bn | Closing September 10 2026 | Private Equity Wire |
| Stake in Rimac Group | 23.5 % | as of September 2026 | Private Equity Wire |
| Largest shareholder status | Yes | as of September 2026 | Private Equity Wire |
| Board seats secured | 3 (2 on Rimac Group, 1 on Bugatti Rimac) | as of September 2026 | Private Equity Wire |
The table captures the core financial and governance outcomes of the transaction. All figures are drawn directly from the Private Equity Wire report, which cited the regulatory filing and statements from the parties involved.
Looking ahead
HOF Capital’s entry into the high‑performance EV arena could reshape the competitive dynamics between legacy manufacturers and boutique innovators. By holding a material stake and board influence, HOF may push Rimac Group toward a more aggressive rollout of its next‑generation hypercar platform, while also leveraging its capital network to secure supply‑chain contracts for battery cells and lightweight composites.
For founders and investors watching the sector, the deal signals that sizable private‑equity capital is now willing to take a direct ownership role in brands that were previously the domain of strategic automotive groups. The next quarter will reveal whether HOF’s involvement accelerates Rimac’s product cadence or introduces a more disciplined capital‑allocation framework.
Until further disclosures emerge, the market will gauge HOF’s impact through the performance of Rimac Group’s upcoming model launches and any shifts in its partnership strategy with Porsche’s broader ecosystem.