The Investment Dar Company (TID) has acquired a 40 per cent stake in Prodrive, the company that runs the Subaru World Rally Team, it was announced today.
The Banbury-based outfit, which is also heavily involved in sports cars with Aston Martin, is one of the world's leading motorsport and automotive technology businesses and was founded back in 1984.
TID and Prodrive have worked closely in recent years, since Prodrive chairman David Richards led a consortium which saw the Kuwaiti investment company acquire Aston Martin from Ford back in 2007.
"Although we are best known for running motorsport programmes for Subaru and Aston Martin, we also work with vehicle manufacturers to develop new technology for the road," Richards explained. "This investment follows a year of planning, during which time we have identified a number of opportunities to expand our motorsport and road car activities.
"Our business is ultimately about helping our customers to sell cars, not only their current models, but future products as well. I see a great opportunity to expand our current work developing the new generation of environmental technologies such as hybrid cars, hydrogen fuel cells and variable compression ratio engines. With our unique motorsport approach, we can rapidly take these technologies from concept to reality."
Richards meanwhile retains a majority shareholding in Prodrive, although as part of the agreement, Mahmoud Samy from TID will join the board.
"We have followed Prodrive's success through the Subaru and Aston Martin motorsport programmes and seen the commitment and dedication of all the employees in every aspect of the business," Samy added.
"Prodrive has a great heritage and David has a clear vision for growing the business. We look forward to working closely with David and his management team to realise their goals."