Mate Rimac Loses Independence in Managing Rimac Group

Mate Rimac can no longer make decisions independently in RIMAC GROUP. Although he remains the CEO, the company’s latest decision has narrowed his powers, so from August 26, he no longer represents the company ‘independently and individually’ but ‘together with another member of the Management Board’. The second member of the Management Board Antony Sheriff has also lost his independence in representation, as he now represents the company together with the CEO. Just before that, Peter Bednárik. left the Management Board.

All this is happening at a time when it was announced in the Court Register that HOF RIMAC HOLDINGS has entered the ownership structure, and Hisham Ismail Ibrahim Elhaddad, one of the founders and managing partners of the New York investment fund HOF CAPITAL, has entered the Supervisory Board of RIMAC GROUP instead of Alexander Jared Mass.

Changes in the Management Board, the method of representation, and the Supervisory Board thus coincide with the entry of a new major investor.

Let us recall that HOF CAPITAL led a consortium in April that negotiated the acquisition of Porsche’s shares in RIMAC GROUP and BUGATTI RIMAC. Porsche held 20.6 percent of RIMAC GROUP and 45 percent of BUGATTI RIMAC, a joint company in which the remaining 55 percent was held by RIMAC GROUP. After the transaction is completed, HOF CAPITAL is expected to become the largest shareholder of RIMAC GROUP alongside Mate Rimac. The consortium with HOF also includes BlueFive Capital as the largest investor and a group of institutional investors from the USA and the European Union.

This also marks the end of a multi-year period in which Porsche was one of the key strategic partners of Rimac’s company. The German manufacturer first entered Rimac back in 2018, and the collaboration culminated in 2021 with the establishment of BUGATTI RIMAC. The new ownership arrangement now brings financial investors in its place.

– We first invested in Rimac in 2022, attracted by what Mate built from a garage in Croatia and turned into one of the most technologically ambitious companies in the automotive industry: a company behind hypercars that set records, which is a Tier-1 battery supplier trusted by leading global car manufacturers, and which has also had the iconic brand Bugatti in its portfolio since 2021. Our belief in Mate and his team has only strengthened since then. We are honored to build the next chapter with him, which we believe will further solidify Bugatti’s position as a unique company that exists only one, for generations to come – they announced upon entering ownership from HOF Capital on their LinkedIn.