Saudi Arabia Public Investment Fund (PIF) Acquires 33% Stake in Azimut|Benetti Group
The renowned Azimut|Benetti Group welcomes Saudi Arabia’s Public Investment Fund (PIF) as a new minority shareholder, acquiring a substantial 33% stake in the company. As the sovereign wealth fund of Saudi Arabia, PIF brings the promise of long-term investment and support for the company’s next phase of growth. The majority stake remains with the Vitelli family, guided by their strategic vision.
Giovanna Vitelli, Chairman of Azimut|Benetti Group, expressed her satisfaction and pride regarding this development. She stated, “I confirm the satisfaction and pride of the family for having earned—as the most important superyacht building group in the world—the trust of one of the largest global sovereign wealth funds, already present in luxury, technology, and leisure. PIF will accompany Azimut|Benetti Group in the long term, offering strategic and important new business opportunities, including the Middle East, a geographic area that is undergoing strong development. The family, together with its trusted management, maintains a large majority of the group and its strategic direction.”
The transaction will be finalized upon receiving favorable outcomes from antitrust and regulatory clearances. With PIF’s involvement, Tamburi Investment Partner (TIP), which has been a long-term partner of the Azimut|Benetti Group, will continue to be a part of the group’s share capital with a reduced stake.
Vitelli further highlighted the financial strength and synergies that PIF brings to the table, supporting the group’s growth in terms of size and technology. She noted, “PIF financial strength and synergies with other sectors will be able to support the Group in its dimensional and technological growth. In addition, the Group will benefit from PIF’s prominent position as a leading global investor.”
This strategic partnership holds great promise for the future of the Azimut|Benetti Group, enhancing its global position in the superyacht industry.