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The agreements provide that Azimut Benetti S.p.A. and Tamburi Investment Partners S.p.A. “TIP.MI” (independent investment-merchant bank listed on the Star segment of Borsa Italiana, currently holding relevant stakes in global leaders including Amplifon, Be, Bolzoni, Eataly, Hugo Boss, iGuzzini, Interpump, Moncler, Noemalife, Prysmian and Roche Bobois), will acquire in equal proportion the stake of Azimut Benetti held by Mittel S.p.A., current shareholder with 6.2%.
A separate agreement provides that Tamburi Investment Partners will fully underwrite, by August 31, 2015, a capital increase already been approved by the company shareholders meeting, for more than 30 million euro in Azimut Benetti S.p.A. As a result of the above TIP will own about 12% of Azimut Benetti S.p.A. on a fully diluted basis, therefore also as a consequence of the previously mentioned capital increase and net of treasury shares effect, and Giovanni Tamburi will be appointed as a member of the Board of Directors of the company.
The capital increase – in a group with basically no financial debt – in addition to the significant credit lines available has the goal to further strengthen the financial capabilities of the Group from a strategic perspective, and to allow the company to make further investments, develop new products and play an active role in future transactions and alliances that will occur in the high-end segment of the boating industry.
The considerable financial resources, combined with the experience of the TIP group in the field of mergers and acquisitions (the current investee companies, since TIP became their shareholders, have completed more than 60 transactions), will therefore allow Azimut Benetti Group to further strengthen its leadership position and market share worldwide.
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