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 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.
Livorno shipyard
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.
Benetti Giga yacht FB275
The transaction will be completed upon the favorable 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
“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,“ states Giovanna Vitelli, Chair of Azimut|Benetti Group.
Founded in 1873, Benetti is the oldest Italian shipyard specializing in luxury yachts. They design, build and sell composite vessels from 29 to 44m and steel and aluminum boats from 37 to over 100m. Their fleet consists of five categories: Class, Oasis, B.Yond, B.Now and Custom, to meet all the needs of the market, and they belong to the Azimut|Benetti Group, the largest privately owned luxury yachting group in the world.
Credits: Benetti