Croatian electric supercar startup Rimac announced it is taking over Bugatti from Volkswagen to create a new company called Bugatti Rimac. The news came first from the Financial Times.

Bugatti Rimac is managed by Mate Rimac, who founded the company in a garage in 2009 as a one-man operation. During this time, Rimac has grown into a highly sought-after brand, with many long-established automakers asking the startup to help build their own electric supercars.

It’s not a big question why that is. Earlier this year, Rimac released the Nevera, a quad-motor, 1,914 horsepower demonstration of electric absurdity, with a top speed of 258 mph and an ability to jump from zero to 60 mph in less than 2 seconds. The Nevera is expected to be the fastest sports car ever built, a title previously held by the Bugatti Chiron.

Under the agreement, Rimac will own a controlling 55 percent stake in Bugatti, the 112-year-old French brand known for its aggressively priced supercars like the Chiron and Veyron. The remaining shares in Bugatti will be owned by VW’s Porsche brand. (Although Porsche owns some shares in Rimac, the entire ownership won’t give it a controlling stake in Bugatti, the companies said FT.)

Volkswagen has owned Bugatti since 1998 when it bought the sports car brand for $ 50 million after taking over Rolls-Royce and Lamborghini. According to Porsche boss Oliver Blume, this was an all-stock deal, meaning that no money changed hands.

The Rimac Group will own both Bugatti Rimac and Rimac Technologies, an offshoot of the company focused on the development, production and supply of battery systems, powertrains and other EV components. Over the years Rimac has supplied automotive components to Porsche, Hyundai and, yes, Bugatti.

“Bugatti and Rimac will both continue to operate as independent brands and retain existing production facilities and sales channels,” says Rimac. “Bugatti Rimac represents the company that will develop the future of Bugatti and Rimac vehicles by combining resources and know-how in research and development, production and other areas.”

Both companies will keep their respective headquarters, but Rimac plans to eventually bring its workforce together on the planned $ 200 million campus in Croatia, due to open in 2023.

“This is a really exciting moment in the short but rapidly growing history of Rimac Automobili,” said Mate Rimac in a statement. “We’ve been through so much in such a short amount of time, but this new project takes things to a whole new level. Rimac and Bugatti are a perfect match for what we all bring together. As a young, agile and fast-moving automotive and technology company, we have established ourselves as an industry pioneer in electrical technologies. “

Rimac said Bugatti will have an electric model this decade but will still be producing hybrid models until the end of that period.