Canadian businessman Lafiti invests $350mn in Mclaren Group
The McLaren Group has confirmed that Michael Lafiti, a highly regarded Canadian businessman, has invested £203.8mn (CAD$350.25mn) in the firm through his Nidala company.
The investment will see Lafiti becoming a 10% shareholder in the McLaren Group that includes the McLaren Formula 1 team, the road car company and the Applied Technologies division.
“I have been an admirer of the McLaren brand and its businesses for some time,” Lafiti said. “McLaren is a unique organization in automotive, racing and technology with exciting long-term growth prospects, which is why I have made this investment. I am proud to be part of McLaren and this incredible brand.”
McLaren states that the funds will significantly strengthen the company’s balance sheet and support its ambitious growth plans.
“This injection of capital is a vote of confidence in our future strategy and the group remains as focused as ever in positioning for growth,” said Shaikh Mohammed bin Essa Al Khalifa, McLaren Group Executive Chairman. “We are delighted Michael Latifi has joined the McLaren family.”
Lafiti’s son Nicholas currently competes as a driver in Forumla Two, also acting as Force India’s reserve driver.