The Saudi sovereign fund in the capital of Azimut Benetti
The Azimut Benetti group has announced the arrival of a new major shareholder in its capital. Public Investment Fund or PIF, the Saudi Arabian sovereign wealth fund, has taken a 33% stake in the Italian yachting specialist. The Vitelli family nevertheless retains the majority of the shares and the management of the group. The TIP fund, Tamburi Investment Partner, which has been present for 8 years, remains in the capital, while reducing its stake.
A strategic interest
The choice of PIF, the world's largest sovereign wealth fund, already present in the luxury and leisure sectors, is a strategic lever for Azimut Benetti. It intends to rely on its financial strength and synergies with other sectors for technological and global growth, taking advantage of this leading investor.
The president of the group, Giovanna Vitelli, is delighted with the arrival of the Saudi fund: "PIF will accompany the Azimut Benetti Group for the long term, offering strategic opportunities and new activities, including in the Middle East, a geographical area that is experiencing strong development. The family, with its trusted management, retains a large majority in the group and its strategic direction."
