Castiglioni back to owning controlling stake
MV Agusta Holding consolidated its equity investment through ComSar Invest, an investment fund that is part of Black Ocean Group. Timur Sardarov, a Russian dynasty key player in the production of oil and gas in East Europe, is the owner of Black Ocean Group.
Along with the transaction, MV Agusta Holding announced the purchase of the 25 percent shares held by Mercedes AMG in the historic Italian motorcycle manufacturer MV Agusta Motor S.p.A. The closing of the deal, of which the financial terms were not disclosed, was set simultaneously to the capital increase of MV Agusta Holding in MV Agusta Motor S.p.A., expected at the homologation of the company restructuring plan, which has been approved by the quorum of the creditors.
The new shareholding structure of MV Agusta Holding, which will control 100 percent of MV Agusta Motor S.p.A., will see ComSar Invest as a strong minority shareholder and GC Holding, the investment company of Giovanni Castiglioni, owning the controlling stake.
The finalization of the transaction adds another important element to MV Agusta’s deep turnaround plan started in 2016, based on the repositioning of the MV Agusta as a prime producer of super premium motorcycles, that brought the company back to positive EBITDA.
Giovanni Castiglioni, president of MV Agusta, commented: “The transaction with ComSar Invest in our holding company through a capital increase and the acquisition of the shares previously held by Mercedes AMG in MV Agusta Motor S.p.A., represents an important milestone for our plan, which has as a main objective the reinforcement of MV Agusta core business: the production of high-performance, high-end motorcycles. In the last 12 months, the implemented measures have brought MV Agusta back in positive cash flow generation, allowing us to complete the restructuring plan and to consistently support product development and consolidation of our key markets.”
Timur Sardarov, controlling shareholder of ComSar Invest: “MV Agusta is for us the most iconic brand in the industry, a company that in the last five years has invested heavily in new product development creating a extensive, enviable range of motorcycles. Our presence in the capital, with a clear long-term vision, as well as in the key management of the company, has the objective, through our core competences and skills, to support and strengthen MV Agusta’s in the coming years, consolidating its position of super premium motorcycle producer. We will focus our funding to reinforce MV Agusta sales network and service and our knowledge in the technology fields, web and marketing to reach and enhance new markets, strengthen our digital and social presence enlarging MV Agusta’s consumer base.”