MV Agusta has raised an additional €40 million in funding, the Italian firm reports, bringing its total in fundraising to €50 million over the last 12 months, as the company moves past its previous financial troubles.
With the capital increase comes a change in the leadership structure at MV Agusta, with Giovanni Castiglioni continuing as the company’s President, while investor Timur Sardarov takes on the role of the company’s new CEO and Chairman of the Board.
This arrangement should mean that Castiglioni will focus on the day-to-day business of MV Agusta and its product lineup, while Sardarov will mind the company’s financial future and big-picture strategy, including the company’s new business plan.
MV Agusta says that the new funds will enhance its industrial and commercial plan. The new way forward for MV Agusta focuses on selling premium market motorcycles; developing a robust dealer network; and increasing the support for current and future MV Agusta motorcycle owners.
The company is set to launch its new four-cylinder motorcycle platform, which will start with the MV Agusta Brutale 1000, which will debut at EICMA in just a few day’s time. From there, a neo café racer model will launch with the four-cylinder engine, and for the 2021 year a new superbike will debut.
“In the last 5 years MV Agusta made an important growth throughout the enlargement of its product pipeline ranging from 3 to 4 cylinders and different segments of the market,” explained Giovanni Castiglioni. “Now is time to consolidate the efforts and concentrate to increase our service and network bringing to our customers a unique purchase experience, which reflects the values of our brand.”
“On the financial side, I am proud of the incredible work we have done in the last 24 months that enabled us to reduce our net debt position by over 60% allowing MV Agusta to be a solid and stable company also thanks to the large amount of capital brought in by our shareholding company.”
“These important achievements are the results of a great teamwork that Timur and myself did in this intensive period. Now that MV Agusta is strong I can finally concentrate on the industrial side, which is what I love, having the clear objective of bringing to the market the most advanced products in the industry.”
“I personally took to our Board the idea of Timur being the future CEO of MV Agusta and I am very happy he accepted this role: his vision and his focus on innovation will bring the group to the next level”.
Source: MV Agusta