June 22, 2018
A wealthy Iranian-Canadian businessman has bought a 10 percent share of The McLaren Group, the international auto-racing syndicate.
The McLaren Group announced that Michael Latifi, father of Formula 2 racer Nicholas Latifi, has bought a $350 million stake in the firm.
The main other shareholders in the McLaren Group, which encompasses automotive, racing and applied technologies divisions, are Mansour Ojjeh, a Saudi-French dual national, and Mumtalakat, the Bahrain sovereign wealth fund, which owns a majority of the firm.
Known as a Ferrari enthusiast, Latifi left Iran for Canada with his family as a teenager, and initially got a job in McDonalds. He holds a degree in electrical engineering, and subsequently earned an MBA.
He is the owner of Sofina Foods Inc., a producer of packaged meat products and the third largest food company in Canada.
“I have been an admirer of the McLaren brand and its businesses for some time,” said Latifi.
“McLaren is a unique organization in automotive, racing and technology with exciting long-term growth prospects, which is why I have made this investment. I am proud to be part of McLaren and this incredible brand.”
McLaren sources indicated that it would be wrong to infer that the deal is linked to Nicholas Latifi, suggesting it is purely a commercial opportunity for his father.