Switzerland’s richest man has taken a stake in Aston Martin
Ernesto Bertarelli, 54, whose family’s $18.1 billion fortune mostly derives from pharmaceuticals, acquired a 3.4 percent voting stake in the UK automaker, according to a regulatory filing Friday.
Aston Martin has struggled with cash flow and unsold dealer inventories since going public in 2018. The company said last month that it may need additional funding even after after a 536 million pound ($670 million) capital infusion from a group led by Canadian investor Lawrence Stroll, who runs the Racing Point Formula One team
A spokesman for Stroll said an issuance of new shares that’s part of the capital infusion and expected to close Monday will dilute Bertarelli’s stake to 0.7 percent. A representative for Bertarelli didn’t immediately respond to a request for comment.
The bulk of the Bertarelli family’s fortune came from the sale of fertility drug manufacturer Serono to Merck for $8.6 billion in 2006, according to the Bloomberg Billionaires Index. Most of the proceeds have been reinvested through Geneva-based family office Waypoint, whose assets include commercial real estate in London and Switzerland, and a technology-focused venture fund, Forestay Capital.
Mercedes F1 boss Toto Wolff also has taken a stake Aston Martin.
A Mercedes F1 spokesman said Wolff's move was purely an investment and would be diluted by a rights issue on Monday from 4.77 percent to less than 1 percent.
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"Fully diluted following the pending rights issue, this investment will represent a 0.95 percent stake in the company," the spokesman said. "It is a financial investment and Toto's partnership and executive role with Mercedes are unaffected by the transaction."
Mercedes-Benz's parent Daimler also has a small stake in Aston Martin.
Aston Martin closed its two UK factories last month because of the COVID-19 pandemic.
Reuters contributed to this report
