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Azimut|Benetti Group forms strategic partnership with Public Investment Fund (PIF)


The Azimut|Benetti Group selects the Public Investment Fund (PIF) as a new minority shareholder with a 33% stake in the company. Saudi Arabia's Sovereign Wealth Fund joins the Group with a long-term investment perspective to support the company's next phase of growth, guided by the strategic vision of the Vitelli family, which holds the majority stake.

As with previous transactions in the past, this will open up new strategic opportunities for the Azimut|Benetti Group. PIF's financial strength and synergies with other sectors will be able to support the Group in its expansive and technological development. In addition, the Group will benefit from PIF's prominent position as a leading global investor

"I confirm the family's satisfaction and pride in winning – as the most important megayacht building group in the world – the trust of one of the world's largest sovereign wealth funds. PIF will accompany the Azimut|Benetti Group in the long term, offering strategic and important new business opportunities , including the Middle East, a geographic region undergoing strong growth. The family, together with its trusted management, maintains a large majority of the Group and its strategic direction," states Giovanna Vitelli, President of the Azimut|Benetti Group.

Founded in 1873, Benetti is the oldest Italian shipyard specializing in luxury yachts. They design, build and sell composite boats from 29 to 44 meters and steel and aluminum boats from 37 to over 100 meters. Their fleet consists of five categories: Class, Oasis, B.Yond, B.Now and Custom, to cover all market needs and they belong to the Azimut|Benetti Group, the largest privately owned luxury yacht group in the world.

Credits: Benetti

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