Williams has sold a majority stake in its engineering business to a private equity firm, the group has announced.
Williams Advanced Engineering (WAE) was formed in 2011 as a spin-off from the Formula 1 operation, providing engineering solutions to external companies including Jaguar and Formula E.
WAE supplied the batteries to FE from 2014 through 2018 and have partnered with Unipart to develop the largest independent vehicle battery manufacturer.
Although Williams will retain a minority interest, private equity firm, EMK Capital, will take a majority stake in the business.
“We have rapidly grown WAE from an embryonic one client start-up, to a business with many clients in multiple sectors,” said Williams CEO Mike O’Driscoll.
“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.”
Craig Wilson, WAE’s managing director added: “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.”
Whilst much of the proceeds from the sale will go to shareholders as Williams is publicly traded, it will likely provide a major cash boost to the F1 team at an important period with major regulation changes planned for 2021.
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