Azimut-Benetti Group, a leading superyacht building company, cooperates with the Public Investment Fund (PIF), Saudi Arabia's sovereign wealth fund. Under the deal, PIF will acquire a 33% stake in the Italian company. This will make PIF a minority shareholder of the company that owns such popular yachting brands as Azimut Yachts and Benetti Yachts. The long-term investment will support the next phase of growth. While the transaction is still subject to antitrust and regulatory clearances no doubt that once completed, Azimut-Benetti Group will retain majority ownership of the company.
Strategic Vision for Growth
According to a statement by the Azimut-Benetti Group, the partnership with PIF provides financial strength to support the Group’s dimensional and technological growth. It also brings new strategic opportunities, including the Middle East, a geographical area undergoing strong development. The partnership is guided by the strategic vision of the Vitelli family, who maintain the majority stake in the Group and its overall direction.
New Business Opportunities
The addition of PIF as a minority shareholder opens up significant new business opportunities for the Azimut-Benetti Group. As one of the largest global sovereign wealth funds, PIF has a prominent position as a leading global investor in luxury, technology, and leisure. The Group will benefit from PIF’s financial strength and synergies with other sectors.
Maintaining Confidence in the Vitelli Family’s Leadership
In fact, PIF is not Azimut-Benetti's first partner. Tamburi Investment Partner (TIP) has been investing in the Azimut-Benetti Group for over eight years. The move signifies continuing confidence in the Group's long-term growth and the leadership of the Vitelli family.
Chair of Azimut-Benetti Group, Giovanna Vitelli, expressed her joy: "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 the Azimut-Benetti Group in the long term, offering strategic and important new business opportunities, including in the Middle East".
Busy Times Ahead for the Azimut-Benetti Group
The news comes at a busy time for Azimut-Benetti Group, who recently celebrated the release of its new eco-focused Seadeck series from Azimut while continuing construction on the yard's 126 ongoing projects with delivery dates extending until 2027, according to Boat International. The Group’s ongoing projects include yachts ranging from 27 to 100 metres.
Unquestionably, the partnership between Azimut-Benetti Group and PIF represents a significant long-term investment. And the strategic vision of the Vitelli family, multiplied by PIF's financial strength and synergies with other sectors, will offer new opportunities for dimensional and technological growth.