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Aston Martin owners rev up for possible sale or stock IPO

LONDON — Aston Martin's owners have hired financial advisory firm Lazard to prepare for a stock market listing or sale of the British sports car maker made famous by fictional spy James Bond, sources familiar with the matter told Reuters. Italian private equity fund Investindustrial and a group of Kuwaiti investors, who together own more than 90 percent of the marque, are hoping to cash in on a recovery in sales and are in the initial stages of a strategic review. They have hired investment bank Lazard to work on a preliminary plan and could either opt for an initial public offering (IPO) in the third or fourth quarter of 2018 or a trade sale, two of the sources said on Friday. A deal could value the maker of the sports car driven by Britain's Prince William on his wedding day at between 2 billion and 3 billion pounds ($4 billion), one of the sources said, adding a listing was the most likely option. However, no final decision had been taken and the investors could decide to retain control, the sources added. Investindustrial declined to comment while Aston Martin and Lazard did not return requests for comment. Adeem Investment, one of the Kuwaiti investors, was not immediately available. If successful, a float of Aston Martin would be a milestone deal for the 104-year-old car manufacturer and would follow the IPO of Italian sportscar maker Ferrari which made its Wall Street debut in 2015 amid strong investor demand. Investindustrial, led by founder Andrea Bonomi, bought 37.5 percent of Aston Martin in 2012 in what was the fund's best-known investment in Britain. The fund, which has clinched a number of Southern European investments since its launch in 1990, is Aston Martin's single biggest investor and is driving the plans, the sources said. Beside Lazard, other investment banks have approached the private equity fund in recent weeks offering advice ahead of a possible IPO, another source said. Yet no other mandates will be awarded this year for the Gaydon-based firm, which is in the midst of a turnaround plan that aims to restore the business to profitability following six years of losses. Aston Martin, which recently unveiled its new Vantage model, is on course to post its first annual pre-tax profit since 2010 as strong demand for the luxury automaker's DB11 sports car boosts its performance.

Aston Martin's biggest investor considers increasing its stake

LONDON — The biggest investor in Aston Martin is considering buying another 3% stake, offering to increase its holding after shares in the luxury carmaker crashed almost 50% since its listing nine months ago. Strategic European Investment Group, part of the Italian private equity group Investindustrial, owns 31% of Aston Martin. It only wants to buy a maximum 3% stake but has to make an offer to all shareholders due to its already large holding. It has secured agreements from existing shareholders such as a group of Kuwait-based investors to back the move. It is offering to pay 10 pounds per share, the price at which the shares closed on Friday. It must make a decision by July 29. Aston Martin has struggled since it listed in October last year. Its shares fell on the opening day and are now down 47 percent. The company's recent results have been hit by a need to invest more in its manufacturing plants and expand its vehicle offering, leading to higher costs.  Related Video:

Aston Martin Valkyrie does a tantalizing lap of Silverstone

The Aston Martin Valkyrie performed a low-level fly-by at Britain's Silverstone Circuit during the Formula One Grand Prix weekend. The lap marked the first public demonstration of the future paterfamilias of the Aston Martin range, after months of digital modeling and time in the simulator. Aston Martin test driver Chris Goodwin didn't drive the 1,160-horsepower coupe in anger, but he did touch the throttle with some emotion. Regrettably, video of the event lays music over the far more redeeming Cosworth V12 soundtrack, but we do get a taste of what's to come. Thing is, "Top Gear" visited Cosworth in December last year to get some face time with the 6.5-liter V12. Toward the end of the video, Cosworth ran an engine dyno simulation of the V12 going hard through the first sections of Silverstone. Oh, the sound. Oh, the fury. Combine that with the sight of the car cruising the circuit, and know that something wicked this way comes.  If you want to know just how serious the team behind the Valkyrie takes the brief, presenter Jack Rix said Red Bull F1 aerodynamics guru Adrian Newey stopped by the shop to look at the finished product, after two years of development. Newey tapped the lacquered carbon fiber intake manifold cover, then asked Cosworth how much the lacquer weighed. When Cosworth told him "130 grams," Newey looked disappointed. That response turned into offering Valkyrie buyers the option of having the engine's carbon cover with or without lacquer. In American terms, this is much ado over 4.6 ounces, or a McDonald's Royale with Cheese.   With deliveries scheduled to begin in the fourth quarter of this year, Aston Martin has a packed program of validation testing for the car, called Verification Prototype 1. After that come competition entries into the FIA World Endurance Championship (WEC).