The McLaren Group continues its push to shore up its financials, having agreed to sell its Applied technology division to a private investment group.
McLaren Applied which specializes in electrification, telemetry, analytics and control, and which supplies the standard ECU used in F1's power units, has been acquired by London-based Greybull Capital.
The move is part of the automotive group's financial turnaround that recently included a sale and lease back of its state-of-the-art McLaren Technology Center in Woking, a sale of £185 million minority stake in McLaren Racing, and a 550 million capital restructuring undertaken last month with several investors and existing shareholders, including the Saudi Arabian investment fund.
"The completion of the strategic review of Applied is the latest in a series of proactive steps to build a more focused and profitable Group," said Paul Walsh, McLaren Group executive chairman.
"McLaren now has the right strategy and focus to achieve our ambitions as a global luxury supercar and elite motorsport business, underpinned by a more sustainable capital structure.
"At the same time, we are delighted Greybull’s investment will provide a strong platform for McLaren Applied to innovate and grow as a world-class technology, data insight and analytics business."
The sale of McLaren Applied is expected to be finalised by the end of August 2021. Financial terms for the deal have not been disclosed.
Applied's current management will remain at the helm of the company which will also remain based in Woking.
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