Azimut|Benetti Group chooses Public Investment Fund (PIF) as strategic partner
by Azimut Benetti Group 4 Apr 2023 00:12 PDT
Benetti Giga yacht FB275 © Azimut Benetti Group
The Public Investment Fund (PIF), the sovereign wealth fund of Saudi Arabia, joins the Azimut|Benetti Group as a minority shareholder and strategic partner in the Company's next phase of growth.
Azimut|Benetti Group chooses the Public Investment Fund (PIF) as a new minority shareholder with a 33% share of the company. The sovereign wealth fund of Saudi Arabia, one of the largest in the world, joins the Group with the prospect of long-term investment to support the company's next phase of growth, guided by the strategic vision of the Vitelli family, which retains the majority stake.
As with previous transactions in the past, this will open up new strategic opportunities for the Azimut|Benetti Group. PIF's financial strength and synergies with other sectors will be able to support the Group in its dimensional and technological growth. In addition, the Group will benefit from PIF's prominent position as a leading global investor.
The transaction will be completed upon the favourable outcome of antitrust and regulatory clearances. With PIF, also TIP (Tamburi Investment Partner), already partner of Azimut Benetti for over 8 years, will remain in the Group's share capital with a reduced stake, a sign of the continuing confidence in the long-term growth of the Group and in the leadership of the Vitelli family.
Giovanna Vitelli, Chair of Azimut|Benetti Group, states:
"I confirm the satisfaction and pride of the family for having earned - as the most important megayacht building group in the world - the trust of one of the largest global sovereign wealth funds, already present in luxury, technology and leisure. PIF will accompany Azimut|Benetti Group in the long term, offering strategic and important new business opportunities, including the Middle East, a geographic area which is undergoing strong development. The family, together with its trusted management, maintains large majority of the Group and its strategic direction."