Williams Grand Prix to sell WGPE to Dorilton for €152m

The net cash proceeds received by WGP for the shares in WGPE, after repayment of all third-party indebtedness and transaction expenses, come to €112m.

On 29 May 2020, WGP announced it was launching a strategic review and formal sale process to assess a range of strategic options in light of the recent challenges that the company has been facing, including the impact and disruption of Covid-19 and the termination of its title sponsor.

New York-based Dorilton invests in companies with EBITDA of $4-25m.

In January 2020, EMK Capital acquired a majority stake in Williams Advanced Engineering (WAE) – a UK-based technology and engineering company – from local parent WGPE for an approximate consideration of £47.7m.

Company
WGPE consists of the Formula 1 business, a minority stake in Williams Advanced Engineering, and all other trading assets and liabilities, including all third-party indebtedness of the group. The group's revenues dropped from £131m in 2018 to £107m in 2019. Based in Wantage, it was founded in 1977.

People
Dorilton Capital – Matthew Savage (chairman).

Advisers
Company – Allen & Company (corporate finance); Lazard & Co (corporate finance).

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