BANKING ON MV AGUSTA
Italian firms financial woes solved – again
MV Agusta has announced new financial backing which should safeguard the firm’s future and see it return to full production.
MV Holding now controls 100% of MV Agusta Motor S.p. A., after receiving investment from Comsar Invest, part of Black Ocean Group.
This means Mercedes AMG no longer owns 25% of MV Agusta S.p. A., with MV Agusta Holding having bought the German car manufacturer’s shares.
The controlling stake of MV Agusta Holding will be held by GC Holding, the investment company of MV Agusta president Giovanni Castiglioni, while Comsar Invest will be a minority shareholder.
Giovanni Castiglioni, President of
‘Mercedes AMG no longer owns 25% of MV Agusta’
MV Agusta, said: “The transaction with Comsar in our holding company through a capital increase and the acquisition of the shares represents an important milestone for our plan which has as a main objective the reinforcement of MV Agusta’s core business: the production of high-performance, high-end motorcycles.”
This is the latest chapter in the MV Agusta story, which includes them filing for protection from creditors with alleged debts of €40 million (£36 million) last year.
A few months later, in October 2016, MV announced fresh backing from the Black Ocean Group and confirmed they would narrow their range of motorcycles and focus on producing premium products. MV is expected to reveal new models at the Milan Show in November.