Aston Martin F1 team gets investment from PE firm Arctos By Reuters

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© Reuters. FILE PHOTO: The Aston Martin logo is seen on a V12 Vantage car at the company’s factory in Gaydon, Britain, March 16, 2022. Picture taken March 16, 2022. REUTERS/Phil Noble/File Photo

By Anousha Sakoui

(Reuters) – The Aston Martin Formula One team said on Thursday it had agreed on an investment by U.S. private equity firm Arctos Partners in exchange for a minority shareholding.

Owner Lawrence Stroll has sold his stake in the team for 1 billion euros ($1.09 billion) to Arctos, a person with knowledge about the matter told Reuters.

“They share our vision for our ultra-luxury brand, and they are extremely passionate about the sport and its prospects,” Executive Chairman Stroll said in a statement.

The F1 team is sponsored by the eponymous British luxury carmaker in which Stroll holds the largest shareholding of over 25%.

French carmaker Renault (EPA:) in June sold a 24% stake valued at 200 million euros in its F1 team, Alpine Racing, to an investor group which included Hollywood actors Ryan Reynolds and Rob McElhenney.

($1 = 0.9213 euros)

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