ACF advises Forest Road in its acquisition of ERT Formula E Team
ACF Investment Bank has advised The Forest Road Company (Forest Road), on their 100% acquisition of ERT Formula E Team (“Kiro Race Co”). The team is rebranding as Kiro Race Co and is thrilled to enter Season 11 of the ABB FIA Formula E World Championship.
This deal supports our growth strategy as a next-generation investment bank advising businesses and individuals across a broad spectrum of sectors including sports entertainment, live events, television, film, brands, gaming, and talent.
With the backing of Forest Road, as well as David Kaplan and Bennett Rosenthal, Co-Founders of Ares Management, Kiro Race Co is well positioned for the long term and will be focused on driving sustained growth.
The acquisition coincides with Liberty Global purchasing a controlling stake in Formula E, and this new ownership group brings a unique perspective to Formula E, which will leverage its extensive network to attract new partners and increase awareness of electric racing in the U.S.
Kiro Race Co is an independent racing team committed to pushing the boundaries of electric vehicle technology and competition.
The team will be entering Season 11 of the ABB FIA Formula E Championship and will race under American license while maintaining Silverstone operations.
The company has announced a technical partnership with Porsche Motorsport. This collaboration will see the company equipped with Porsche’s championship-winning powertrain technology. The Porsche 99X Electric WCG03, featuring upgrades to common components to comply with new GEN3EVO regulations. This partnership ensures access to cutting-edge performance and will be instrumental in Kiro’s ambitions to move up the grid.
“We are excited to announce another deal completed with The Forest Road Company. Formula E is a leading motorsport with cutting-edge technology and performance. With the backing of The Forest Road Company, Kiro Race Co is well positioned for long-term stability and sustained growth. This is a great deal for ACF as it demonstrates our continued growth in an exciting sports arena, while we continue our leadership in content.”
Thomas Dey, Chief Executive Officer, ACF Investment Bank
“We are thrilled to enter The Formula E World Championship and start our journey as Kiro Race Co. The Championship is at a pivotal moment of maturation from a macro and micro perspective. As the world embarks on a massive transition to electric vehicles, the race product has achieved a significant breakthrough in technology with the fastest accelerating single-seater cars. We are committed to helping Kiro become a leading force in the industry.”
Jeremy Tarica, Managing Director, Forest Road
“This investment further validates our decision to acquire a controlling interest in Formula E at this exciting moment for the championship. We are confident that Kiro Race Co, under the leadership of Forest Road, will further strengthen the series and help it to remain the fastest-growing motorsport in the world.”
Mike Fries, Chief Executive Officer, Liberty Global
The Forest Company
The Forest Road Company, a Los Angeles-based investment firm, brings a wealth of experience investing, operating, and advising in highly transformative sectors. As opportunistic investors with a proven track record in both media and renewables, Forest Road is well positioned to drive significant value for the team and Formula E.
Forest Road entering Formula E as a team owner, along with Liberty Global’s recent move to become the controlling shareholder in Formula E, reinforces the series’ immense growth potential. Already the world’s fastest growing motorsport, the Championship continues to experience remarkable momentum – global TV viewership jumped 35% in Season 10 alone, and Season 11 will boast the largest calendar to date, featuring 17 races across the globe.