Aston Martin may have found a new owner. After just five years under the control of Investment Dar, the Kuwaiti firm has reportedly agreed to sell the legendary British sports car maker to London-based private equity fund Investindustrial.
According to Bloomberg, Investment Dar has agreed to sell Aston Martin to Investindustrial, although the final paper work has yet to be signed. India's Mahindra & Mahindra was also in the running to purchase Aston Martin, but Investment Dar views Investindustrial as the best fit for the automaker.
“An industrial owner would have been preferable to a financial owner,” Ashvin Chotai, the managing director of Intelligence Automotive Asia in London, told Bloomberg. “Probably Mahindra could have provided them with a long-term commitment. That said, it was a trophy asset for Mahindra and would have required a lot of investment with very few synergies.”
Investindustrial isn't a stranger to the high-end motoring world. The company owned Ducati before selling the motorcycle brand to Audi earlier this year.
According to insiders, Investindustrial's proposal included plans to use AMG-sourced parts for future Aston Martin models. Aston Martin has been long-rumored to be interested in Mercedes-Benz' performance parts bin, although nothing has ever come to fruition.
Aston Martin is valued at $1.21 billion, but it remains to be seen how big Investindustrial's investment will be in the company.
Through the first nine months of the year Aston Martin's sales have fallen 20 percent to 2,520 vehicles.