Williams sells majority stake in Advanced Engineering company
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Williams has sold a majority stake in its technology and engineering company, Williams Advanced Engineering, ahead of the 2020 season.Williams Advanced Engineering has operated as an external arm to the company’s Formula 1 team since 2010, working on a number of projects with brands such as Nissan, Jaguar, Lotus and Formula E.In a statement issued by Williams Grand Prix Holdings on Tuesday, it was confirmed that a majority stake in Williams Advanced Engineering has been sold to EMK Capital.Williams confirmed it will retain a “significant minority interest” in WAE, with the fresh funds being used to “support and accelerate long term growth in Williams Advanced Engineering including the commercialisation of various technology opportunities”.“We have rapidly grown WAE from an embryonic one client start-up, to a business with many clients in multiple sectors. The time is now right to sell a majority stake to enable WAE to further scale and develop its technologies,” said Mike O’Driscoll, Group CEO.“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, Managing Director of Williams Advanced Engineering, 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.”
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