Share capital increase MV Agusta
MV Agusta announces a € 30 million increase in share capital as part of a five-year business plan to expand the company’s global presence. Raising the net capital of MV Agusta to 70 million euros, this initiative also marks the positive, early and final repayment of all obligations under the agreement with creditors for going concern (here we are talking about the fact that the assets of the company are not sold out as part of the bankruptcy procedure, but an agreement is concluded that his activities are preserved and the dates are set in which the debt will be repaid). The early repayment of obligations is a pleasant surprise, made possible by the support of MV Agusta shareholders.
When the Sardarov family became the sole shareholder of MV Agusta in 2019, they invested over 150 million euros in this business to support current operations and invest in a new production plan. MV Agusta is now in a very strong position and can accelerate the execution of the strategic plan, focusing on the development of new engines and models, as well as expansion into new segments (the company’s plans include tourenduro, recreational and utility electric motorcycles), as well as in strengthening the global sales network. The reactivation of such a legendary Italian company also has a positive impact on the local population, maintaining employment levels and contributing to the Italian economy, which is especially important during this difficult period.
Timur Sardarov, Chief Executive Officer of MV Agusta Motor SpA, said:
One of my first tasks was to end the financial pressure on the company and lay the foundation for the growth of financial and commercial structures. Today, these tasks have been fully achieved, and now we can look to the future with confidence, continuing to create one successful product after another. This capital injection will literally strengthen our position on all fronts – from design, engineering and manufacturing of great new motorcycles to providing world-class service to all our customers and expanding our global dealer network. In 2021, we expect revenues to exceed € 100 million for the first time in our history, and we plan to triple our numbers over the next three years.
Massimo Bordi, Vice Chairman of MV Agusta Motor SpA, added:
MV Agusta is a renowned brand with a prestigious heritage. He has always produced extremely attractive products that are appreciated for their unique design, high performance and advanced technology. That is why today I see great potential in the Company, which has remained undiscovered in recent years. But finally we were able to create the conditions in which MV Agusta can write a new and successful chapter in the world’s motorcycle history.