September the 14th, 2026 – A consortium led by HOF Capital has officially taken over the stake held by Porsche in the Rimac Group and Bugatti Rimac.
The consortium, headed by HOF Capital (with BlueFive Capital as the largest investor), has completed the acquisition of Porsche’s shares in Rimac Group and Bugatti Rimac in recent days. Sinisa Malus reports for Poslovni that the value of the transaction, fully financed by the consortium’s own funds, is approximately €1 billion. The deal has now been closed, and Rimac Group remains the majority owner of Bugatti Rimac with a 55% stake.
where will this enormous sum go?
Mate Rimac will be supported by a new management team in the new period. Christophe Piochon will step down as President of the Management Board of Bugatti Automobiles and Chief Operating Officer (COO) of Bugatti Rimac. Mate Rimac takes over as President of the Management Board of Bugatti Automobiles, while Marko Brkljačić, former Chief Operating Officer (COO) at Rimac Technology, will join the leadership of Bugatti Rimac as Chief Operating Officer (COO). It is interesting to examine the details of the deal itself, the second-largest M&A transaction in Croatian history, after Barr’s takeover of Pliva back in 2006. From Porsche’s perspective, it was an excellent deal. They once invested €180 million in Rimac and have now realised €1 billion. In other words, Rimac generated €820 million for Porsche. It should be borne in mind that Bugatti had always been unprofitable until last year, when it achieved €200 million in EBITDA.
supervisory boards
To maintain control over its investment, HOF Capital holds three seats on the supervisory boards of both Rimac Group and Bugatti Rimac. It is also curious to see how Porsche will use the money it has earned. According to announcements by Dr Jochen Breckner, Member of the Porsche Executive Board responsible for Finance and IT, €250 million will go into the company’s pension fund — specifically for the pensions of Porsche employees. Taking into account the cash inflow and the further funding of pension obligations, the net cash flow margin of Porsche’s automotive segment for the full year 2026 is expected to rise to 5.5–7.5% (previous forecast: 3–5%). Porsche will now focus on its core business.
This is a diplomatic way of saying that the company now has other priorities, including improving profitability and directing resources towards its own product range. Such a move was, in any case, expected after Porsche’s operating profit fell by as much as 93% last year. On the other hand, for Rimac this deal is confirmation of the value he has created, because it is worth remembering that this was Porsche’s first investment in history. They invested the largest amount of capital in Rimac Group, and Rimac was the only one that ultimately integrated components into their cars. Not only that, all of Porsche’s other similar partnerships ended fairly badly. Those projects either no longer exist or are barely surviving, so they are unlikely to bring any tangible benefits. Hisham Elhaddad, co-founder and managing partner of HOF Capital, appeared on Bloomberg News to discuss the completed acquisition of Porsche’s stakes in Bugatti Rimac and Rimac Group by HOF Capital. With this move, HOF has become the largest shareholder in Rimac Group alongside Mate Rimac, and Hisham has joined the supervisory boards of both Bugatti Rimac and Rimac Group.
“We entered Rimac Group back in 2022, but as a small investor with only a one-per-cent stake. So we have been following this story for five years, and especially since Mate Rimac became CEO, when we saw a major positive turnaround. After all, last year was a record year in Bugatti’s 117-year history. We have now completed a transaction worth more than €1 billion and our stake has jumped to 23.5% in Rimac Group and 45% in Bugatti Rimac,” says Elhaddad. 55 percent of the stake in Bugatti Rimac will be held by Rimac, with the remainder by HOF Capital.
a sense of optimism
He added that the investment in Rimac actually fits well with their investment strategy, which over the past ten years has brought a series of investments in the tech sector. “We’ve invested in SpaceX and in Anthropic. We see an explosion of projects in the AI segment on the market. We believe that in the next five to ten years AI will be widely adopted. Value will lie in uniqueness and exclusivity, and there really is no better company than Bugatti where we can see that. Bugatti has survived both world wars, and even this recent crisis. If you want your Bugatti model, you have to wait four or five years. We are excited about the partnership with Mate Rimac and his exceptional team and want to increase the value of this iconic brand. For HOF, this deal is a natural step from our roots in venture capital towards leading complex transactions that cover the entire capital structure,” Elhaddad concluded.
In order to have good control over its investment, HOF Capital now holds three seats on the supervisory boards of Rimac Group and Bugatti Rimac. Hisham Elhaddad has joined the supervisory boards of Rimac Group and Bugatti Rimac, while Josh Klaczek, a partner at HOF Capital, joins the supervisory board of Rimac Group as the second representative of the firm.
