International Dealer News IDN 138 August/September 2017 | Page 13

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MV Agusta Holding completes
recapitalisation deal
with ComSar Invest
It has been a long time coming, but
Varese, Italy based MV Agusta says it
has now finalised its latest attempt to
achieve financial stability and
managed to buy back the 25 percent
stake it sold to Mercedes AMG (part of
the Daimler Group) in late 2014.
This latest news is confirmation of a
plan first announced late last year. The
deal sees ComSar Invest, an
investment fund that is part of Black
Ocean Group, owned by Timur
Sardarov, a “Russian dynasty key
player in the production of oil and gas
in Eastern Europe”.
The financial details of the deal have
not been disclosed, but sees MV
Agusta Holding increasing the capital
invested in MV Agusta Motor S.p.A.,
and with a quorum of creditors
agreeing to the deal, it is expected that
the restructuring plan will now get
final approval from the Italian courts.
MV Agusta Holding will control 100%
of MV Agusta Motor S.p.A., with
ComSar Invest as a “strong minority
shareholder in the Holding company
alongside a controlling stake owned
by GC Holding, the investment vehicle
of President Giovanni Castiglioni.
The turnaround plan started in 2016
and has been based on the
repositioning of the MV Agusta brand
as a “prime producer of super
premium motorcycles” in lower
quantities than had been the ambition
previously. That plan has brought the
company back to profitability.
Castiglioni commented: “The
transaction with ComSar Invest in our
holding company through a capital
increase and the acquisition of the
shares previously held by Mercedes
AMG in MV Agusta Motor S.p.A.
represents an important milestone for
our plan. The main objective is the
reinforcement of MV Agusta’s core
business - the production of high-
performance, high-end motorcycles.
“MV buys back
Mercedes stake”
“In the last 12 months the
implemented measures have brought
MV Agusta back in positive cash flow
generation, allowing it to complete the
restruc turing plan and to consistently
support product development and
consolidation of our key markets.”
Timur Sardarov, controlling
shareholder of ComSar Invest, is
quoted as saying: “MV Agusta is for us
the most iconic brand in the industry,
a company that in the last five years
has invested heavily in new product
Giovanni Castiglioni, President -
"This transaction with ComSar
Invest through a capital increase
and the acquisition of the shares
previously held by Mercedes
represents an important milestone
for our plan"
development, creating an extensive,
enviable range of motorcycles, which
results today in a unique asset and a
foundation for a successful future.
“We will focus our funding to reinforce
the MV Agusta sales network and
service and our knowledge in the
technology fields, web and marketing
to reach and enhance new markets,
strengthen our digital and social
presence, and enlarging MV Agusta’s
consumer base.”
New York City based asset manager
Black Ocean Group is, in turn, part of
the Ocean Group, an investment
vehicle founded by entrepreneurs
Oliver Ripley and Timur Sardarov in
2005. Ocean has interests in a diverse
range of sectors including private
aviation, agriculture, real estate,
corporate finance, banking, services,
technology, media and internet, with
offices in New York, London, Geneva
and Moscow.
KTM expands R&D
footprint into Germany
KTM has opened a new R&D Centre at
Rosenheim in Germany (near the
Austrian border, south east of
Munich).
The focus will be on the development
and evolution of motorcycle
electronics – “from ideas to
preliminary development, prototype
design, and the implementation of
new processes right through to
innovative concepts”, including
systems that facilitate digital
connectivity between the rider and
motorcycle, and, following on from
that, interconnected vehicles for long-
term accident prevention ("Connected
Motorcycles").
"As a premium manufacturer in the
motorcycle segment, we place
particular emphasis on the area of
research & development. New
products and the constant
implementation of technical
innovations enable us to meet the high
expectations of our customers and
open up new markets on a long-term
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basis," says Philipp Habsburg, head of
the KTM Research & Development
department.
"In 2016, KTM AG invested around
110 million euros in model
development and the infrastructure of
the Mattighofen and Munderfing sites
and thus further strengthened and
expanded the Austrian location. With
the opening of the new KTM R&D
Center in Rosenheim, we are
continuing this trend in Germany."
The new KTM R&D Centre covers an
area of 438 m2 and can accommodate
up to 30 employees. It is part of the
KTM R&D department in Mattighofen
and also reports to the Austrian site,
where an average of 487 members of
staff are employed in the R&D
department.
IDN - AUGUST/SEPTEMBER 2017
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