Williams Grand Prix Holdings announced on Tuesday that they have sold a majority stake in the sister company, Williams Advanced Engineering to EMK Capital.
Williams Grand Prix Holdings will retain a minority stake in the business which has over 40 active projects including the contract to supply batteries to the ABB FIA Formula E world championship.
Chief Executive Officer of Williams Grand Prix Holdings Mike O’Driscoll 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.
Managing Director of Williams Advanced Engineering Craig Wilson 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 from 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.