The McLaren Group announced that Canadian businessman Michael Latifi has bought a ten percent share of the company in a transaction valued at approximately $350 million Canadian. Investment company Nidala (BVI) Limited, which is controlled by Michael Latifi, made the investment.

“I have been an admirer of the McLaren brand and its businesses for some time,” said Michael Latifi. “McLaren is a unique organisation in automotive, racing and technology with exciting long-term growth prospects, which is why I have made this investment. I am proud to be part of McLaren and this incredible brand.”

Michael Latifi is the Chairman and Chief Executive Officer of Sofina Foods Inc. whose brands include Lilydale, Janes Family Foods, Mastro, San Daniele, Fletcher’s, Cuddy and Vienna.

The McLaren Group encompasses the McLaren Automotive, McLaren Racing and McLaren Applied Technologies companies.

“This injection of capital is a vote of confidence in our future strategy and the group remains as focused as ever in positioning for growth,” said Shaikh Mohammed bin Essa Al Khalifa, McLaren Group Executive Chairman. “We are delighted Michael Latifi has joined the McLaren family.”

Michael’s son Nicholas Latifi is a 22 year old open-wheel race car driver from Toronto, Ontario who races in the Formula 2 championship series. He is also a test and reserve driver for the Formula 1 team Sahara Force India.