MV Agusta Holding has announced it’s completed recapitalization with ComSar Invest, which is part of the Russian-owned Black Ocean Group owned by Timur Sardarov. The transaction sees MV Agusta Holding gain the 25% shares previously held by Mercedes AMG in MV Agusta Motor S.p.A.
Financial details of the deal’s close aren’t outlined, but a company press release indicates that the new shareholding structure will have MV Agusta Holding in control of 100% of MV Agusta Motor S.p.A. ComSar Invest will be a “strong minority shareholder,” but GC Holding, Giovanni Castiglioni’s investment company, will own the controlling stake.
Quotes below are provided courtesy of MV Agusta.
Giovanni Castiglioni, President of MV Agusta: “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, has brought MV Agusta back in positive cash flow generation, allowing 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 5 years has invested heavily in new product development creating a extensive, enviable range of motorcycles which results today is a unique asset for a successful future. 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 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.”