Italian private equity group InvestIndustrial has agreed to buy a stake in Aston Martin Lagonda from its indebted Kuwaiti parent, finance house Investment Dar, in a deal that will bring desperately needed cash to develop new cars for the British luxury brand.

InvestIndustrial said it is paying €190m for a 37.5% stake via a capital increase, giving Aston Martin an enterprise value of about €940m.