Prodrive investment

Kuwaiti investment group, the Investment Dar Company (TID), has announced the acquisition of a 40 per cent stake in UK-based motorsport and technology company, Prodrive.

The two companies have worked closely together in the past to acquire Aston Martin from Ford in a consortium led by Prodrive chairman David Richards.

Richards said: ‘Although we are best known for running motorsport programmes for Subaru and Aston Martin, we also work with vehicle manufacturers to develop new technology for the road.

‘This investment follows a year of planning, during which time we have identified a number of opportunities to expand our motorsport and road car activities.’

In addition to improving existing business opportunities, Richards believes that the acquisition will allow them to expand current work in developing the next generation of environmental technologies, including hybrid cars, variable compression ratio engines and hydrogen fuel cell engines.