It’s the final day of the bidding process for the beloved Saab brand and despite GM CEO Ed Whitacre being pessimistic about the brands future, rumors have it that Genii Capital is readying a last minute rival bid.
Never heard of Genii Capital? Until a few weeks ago, not many in the auto industry had either. On December 16th the company, a large investment firm based in Luxembourg, purchased a large portion of the Renault F1 team.
Up until now, Spyker has been the last serious bidder left after Koenigsegg dropped out of the process for the brand.
Read on for the F1 purchase press release and some more info on Genii Capital. The process closes at 5pm today, so expect some big news later tonight or tomorrow.
Source: SaabsUnited
Luxembourg, Dec. 16, 2009 – Genii Capital, the Luxembourg investment firm specialized in new technologies, brand management and motorsport, announced today that it is to acquire a large stake in Renault F1 Team Ltd.
“We are delighted to have been selected as Renault’s strategic partner for the Renault F1 Team,” said Eric Lux, CEO of Genii Capital. “Our long-term vision for this challenging venture aims to return Renault to the forefront of Formula 1. Together with Renault, we intend to run the team with the same values as any of our other investments, prioritising ambitious performance targets without neglecting cost efficiency. We strongly believe that on-track performance can be compatible with business performance, and we will use all our entrepreneurial spirit and commercial know-how to achieve this goal.”
Genii Capital will work in close strategic partnership with Renault to give the team the stability and the resources it needs to succeed in the years ahead. This innovative partnership means that the team will continue to race under the Renault name, powered by Renault engines.
The agreement between Genii Capital and Renault concerns the team’s facilities at Enstone, UK which played a major part in winning two consecutive drivers’ and constructors’ world championships in 2005 and 2006. The Enstone site includes state-of -the-art aerodynamic facilities, such as the recent Computational Fluid Dynamics centre, and is home to one of the sport’s leading engineering teams with recent title-winning pedigree.
Genii Capital will also explore opportunities f or synergies bet ween companies in its investment portfolio and the Renault F1 Team. One example is Gravity Sport Management, a career- management company for young drivers that will leverage the experience of the Renault Driver Development programme. Furthermore, Genii Capital hopes to play an active role in the overall strategic development of Formula 1 through its knowledge of, and access to, new technologies.
“This is a period of opportunity for Formula 1, not a period of uncertainty,” commented Gerard Lopez, managing partner at Mangrov e Capital Partners and board member of Genii Capital. “Formula 1 has an extraordinary level of global awareness that can be used to develop new business-to-business opportunities in traditional and developing markets, and there are exciting new revenue streams to be explored.”
About Genii Capital
Genii Capital is a private investment firm that places common sense and business sense at the heart of the investment decision-making process while targeting solid performance. Genii Capital’s investment philosophy is to create value by investing in ideas, brands and projects that are innovative and of ten disruptive to their business environment. Active in North America, Europe and Asia, Genii Capital’s core investment target areas include brand management, emerging technologies (including public health, energy and environmental technologies), hospitality, entertainment and the automotive industry, including: MOV’IT – a highly specialized high-performance brake systems design and manufacturing company; and MCE-5 – a variable compression ratio engine technology.
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Published January 7, 2010 by Zane Merva
Filed Under: Business & Finance, Rumors