Mercedes-AMG sells its 25 per cent stake in MV Agusta.
It seems MV Agusta’s financial troubles are finally going to get over as the firm has received a fresh investment backed by Russia’s Black Ocean Group. The latest inflow of cash also means that MV Agusta has repurchased its 25 per cent stake from Mercedes-AMG. Long story cut short, MV Agusta Holding will now have full control over its motorcycle business.
As per a statement released by the firm, MV Agusta has got an equity investment from ComSar Invest, which is owned by the Black Ocean Group that’s managed by Russian oil and gas tycoon, Timur Sardarov. Although the firm has not divulged the details of the latest deal, it’s understood that MV Agusta Motor Holding, which is owned by GC Holding (the investment firm of MV Agusta’s CEO, Giovanni Castiglioni) will now have full control over its motorcycle business, while ComSar Invest will have a “strong minority” position in the brand.
Commenting on the development, Giovanni Castiglioni, President, MV Agusta, said: “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 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 addition to that, Castiglioni also claimed that in the last 12 months, MV Agusta has reported “positive cash flow generation” that helped the firm complete its restructuring plan. In fact, earlier this year, the Italian superbike maker claimed that its annual revenue grew by over 30 per cent.
MV Agusta and Mercedes-AMG entered into a partnership back in 2014 when Daimler bought 25 per cent stake in the Italian motorcycle firm. That said, the venture between the two firms hasn’t really reaped any real benefits for either of the brands – save for a few one-off special editions.