In order to enhance the development and growth of the Azimut Benetti Group, The Vitelli family, majority stakeholders of the Italian yacht building company, have released a 12% share of the corporation to the Milan-based investment company, Tamburi Investment Partners. The deal includes a 30 million euro capital increase from the newly joined group.
The agreement provides that Azimut Benetti S.p.A. and Tamburi Investment Partners S.p.A. “TIP.MI” will acquire in equal proportion the stake of Azimut Benetti held by Mittel S.p.A., current shareholder with 6.2%. As a result, TIP will own about 12% of the Italian shipyard, with Giovanni Tamburi subsequently to be appointed as a member of the Board of Directors at Azimut Benetti.
Azimut Benetti is hoping that through the new investment, the company will benefit from TIP’s experience in the field of mergers and acquisitions, and therefore allow them to further strengthen its leadership position and market share worldwide.
Azimut Benetti Group currently operates with 6 production facilities and 11 shipyards and comprises of a distribution network of 138 dealers over 70 countries, employing 2,179 people. The company has a reported production value of 650 million euros with an annual growth of 10% upon the last year.