The Saudi sovereign wealth fund (Public Investment Fund – PIF) enters the Azimut-Benetti group as a minority shareholder, Taking 33 percent of the shares. With this acquisition it also becomes a strategic partner for market development in the Middle East. Control of the group remains in the hands of the Vitelli family, which holds 59 percent, while Tamburi Investment Partners (already a partner for more than eight years) reduces its share from 12 to 8 percent.
Azimut-Benetti with Saudi sovereign wealth fund
Saudi Arabia’s sovereign wealth fund, one of the world’s largest, joins the Group with the prospect of a long-term investment to support the company’s next phase of growth. At the helm remains the Vitelli family, which retains the majority stake with its vision for the market. The transaction, which will be completed once antitrust and regulatory approvals are obtained, was confirmed by the company in a note.
“PIF will accompany the Azimut-Benetti Group in the long term and will also offer it important new business opportunities in a geographic area, the Middle East, which is undergoing very strong development,” said Giovanna Vitelli, President of the Azimut-Benetti Group. There is great satisfaction and pride on the part of the family for gaining“the trust of one of the largest sovereign wealth funds globally, already present in luxury, technology and leisure.”
Azimut-Benetti is the world’s largest manufacturer of motoryachts, founded in 1969 by Paolo Vitelli, still a large majority shareholder. With its brands-Azimut Yachts and Benetti-it builds more than 45 models of yachts and megayachts. The group has six shipyards, more than 2,000 employees and a network of 138 sales and service outlets worldwide, presiding over the European, American, Middle Eastern and Asian markets.