MV buys out Mercedes share | Manufacture News | News
MV Agusta has bought back the 25 per cent share in the company that has been owned by Mercedes AMG since 2014.
There has been a fractious relationship between Mercedes and MV Agusta president Giovanni Castiglioni, who has made no bones about his desire to buy back the car company’s share in the firm.
Now, with investment from Russian fund ComSar Invest, Castiglioni has achieved that goal. ComSar is part of Black Ocean Group, the Russian-owned backer that MV first announced a deal with late last year.
Under the new deal, ComSar has poured an unspecified amount of money into MV Agusta Holding, a holding company that now owns 100 per cent of MV Agusta S.p.A, which is the motorcycle manufacturer.
MV Agusta Holding is owned by ComSar Invest (which now has a “strong minority stake” in the company) and GC Holding, which is Castiglioni’s own investment company and has the controlling share of the holding company.
In a press release, Castiglioni said: “The transaction 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.”
The statement also noted that in the past 12 months the implemented measures returned MV Agusta to a positive cash flow, allowing them to complete a restructuring plan and “consistently support product development and consolidation of our key markets”.
By Ben Purvis