Williams F1 sells majority stake in its advanced engineering business
Williams Grand Prix Holdings plc has sold a majority equity stake in Williams Advanced Engineering Ltd to EMK Capital LLP, an independent private equity company.
The sum was not disclosed.EMK will also invest funds directly into the Didcot, Oxfordshire-based business to support and accelerate its long-term growth, including the commercialisation of various technology opportunities. Williams will continue to retain a significant minority interest in the WAE business.
Since its inception in 2011, WAE has enjoyed a period of substantial growth, now employing a workforce of more than 300 people, who are currently working on over 40 live projects across a diverse range of sectors, including automotive, motorsport, aerospace, marine, defence and healthcare. WAE has a particularly strong reputation in the automotive industry, playing a vital role in projects for leading brands including Aston Martin, Jaguar, Lotus and Nissan.
Mike O’Driscoll, Group Chief Executive Officer of WGPH said: “We have rapidly grown WAE from an embryonic one client start-up, to a business with many clients in multiple sectors. The time is now right to sell a majority stake to enable WAE to further scale and develop its technologies. EMK Capital have a proven track record of success which will enable WAE to take advantage of these emerging opportunities and realise its full potential.”
Craig Wilson, Managing Director of Williams Advanced Engineering, said: “Williams Advanced Engineering has developed a strong reputation for providing energy-efficient advanced performance solutions to a diverse range of sectors and blue-chip clients. This expertise and our technologies in areas such as electrification, lightweight structures, aerodynamics and precision manufacture will become even more relevant and in-demand globally going forward. This new ownership structure will enable WAE to take advantage of these emerging opportunities and comes at a pivotal moment allowing us to further invest in new areas of capability and technologies in order to realise the full potential of the business.”
Edmund Lazarus, Managing Partner of EMK said: “We are excited about partnering with WGPH and the WAE management team to support further growth in this exceptional engineering business which has achieved so much in such a short period of time.”
