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| Ford sells majority stake Aston Martin to a UK based consortium headed by David Richards of Prodrive |
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Aston Martin has announced on the 12th March 2007, the
start of a new chapter in its illustrious history as the prestigious
sports car manufacturer has been sold to a consortium led by David
Richards, John Sinders, Investment Dar and Adeem Investment, ending almost
twenty years as part of Ford Motor Company. The consortium is a group of sophisticated investors who are committed to the brand, its success and existing business plan which envisages growth, profitability and new products, including the much acclaimed four door concept Rapide, shown for the first time at the Detroit Auto Show in 2006. With the full support of the investors, Dr Ulrich Bez, remains committed to the future success of Aston Martin and will lead the management team into a new era as its Chief Executive. Since his appointment in 2000 he has overseen a period of growth and investment, steering Aston Martin to its unparalleled status in the world luxury sports car market. During the past six years the company has seen a tremendous change with new headquarters, exciting new products, a successful motorsport programme and a strong corporate identity throughout the expanding dealership network. |
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Leading the investors is David Richards, founder and chairman of Prodrive, a world leading motorsport and automotive engineering company. He will be joining the board of Aston Martin as non executive chairman in a personal capacity. Prodrive itself will have no financial involvement in the deal. “This is an incredible opportunity – Aston Martin is one of the world’s most iconic brands” said David Richards. “We are confident we now have all the right ingredients to take Aston Martin to even greater heights.” John Sinders, a banker in finance and shipping from Houston, Texas and Dubai UAE, is an Aston Martin owner with a great affection for the brand on both road and track. Investment Dar, a Kuwaiti company, is the largest listed investment company in the Gulf. It owns and manages a group of companies including banking, finance, investment and asset management, real estate, insurance, banking, and logistics. Investment Dar has total assets of US$ 3.66 billion, with net income of US$ 317.3 million in 2006. Adeem Investment is a Kuwaiti company and owns companies in the banking and finance, real estate and hotels, transport and logistics, food and telecoms industries. It has become the fastest growing investment, corporate finance and asset management company in Kuwait with assets under management in excess of US$ 1.5 billion. The Ford Motor Company will retain a 15% share in AM following the sale. It has been estimated that the 85% of AM that has been sold cost the new consortium £479 million pounds. “This new partnership is a tremendously exciting opportunity for Aston Martin,” said Ulrich Bez. “Under the ownership of Ford we have become a successful, profitable company and I will be working with the new owners to build on this great foundation. It is a new beginning which will give the company the opportunity to attain an even higher level of excellence. “This next stage in the company’s history promises to be the most exciting yet. David Richards and I have a great deal of mutual respect for each other and we are equally passionate about realising the brand’s full potential.” |
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Above - Dr Bez, Aston Martin Chairman and CEO with David Richards, Chairman and CEO of Prodrive, pictured at Le Mans 2005 |
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