Applied plans to use Greybull's investment to accelerate growth in its key market segments such as automotive and public transport, the sources said.The unit came into existence under the name McLaren Applied Technologies in 2014, and employs approximately 250 people.
However, Greybull enjoyed better fortune with investments such as Plessey, which last year agreed a lucrative supply deal with Facebook, as well as Arc Specialist Engineering and First Circle Packaging. It paved the way for an immediate refinancing of McLaren's bonds and represented a big vote of confidence in McLaren's strategy under the leadership of Paul Walsh, the former Diageo chief who joined last year as executive chairman.
The latest equity-raise took the total funding raised by the group since Mr Walsh's arrival to well over £1bn. The sale of a stake in McLaren Racing, which comprises its F1 team and INDYCAR Championship outfit, came during a revival in its on-track fortunes after years in the doldrums.Lando Norris, one of its F1 drivers, sits in third place in the drivers' championship, with the team in joint-third - level with Ferrari - in the race for the constructors' title.
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Source: The Guardian - 🏆 84. / 53 Read more »