It’s been announced that private equity firm Genii Capital has agreed to acquire a large stake in Renault F1 Team, announced the Team’s official web-site. Renault F1 Team has won two consecutive drivers’ and constructors’ Formula One world championships in 2005 and 2006. Genii Capital acquired 75 percent shares in Renault F1 Team and would manage the investment, according to BBC Sport, while Renault would retain 25 percent shares in the Team and remain its engine supplier.
Genii Capital is a Luxembourg-based firm specialized in new technologies, brand management and motor sport. Genii Capital’s board member Gerard Lopez is a partner of leading European venture capital firm Mangrove Capital Partners. Genii Capital said that it would explore opportunities for synergies between companies in its investment portfolio and the Renault F1 Team, specifically, between Gravity Sport Management, a career management company for young drivers and the Renault Driver Development program.
Gerard Lopez said that “this is a period of opportunity for Formula 1, not a period of uncertainty. Formula 1 has an extraordinary level of global awareness that can be used to develop new business-to-business opportunities in traditional and developing markets, and there are exciting new revenue streams to be explored.”
In addition to being the first institutional investor in Skype, the venture capital firm Mangrove Capital Partners has invested in security software vendor Lumension, online shopping clubs Brands4friends in Germany and KupiVIP.ru in Russia, mobile communications service Nimbuzz, online dating service Woome, online ticket marketplace Seatwave, online music service Jamendo, and the others.
Disclosure: Mangrove Capital Partners is an investor in Quintura.