Claudio Castiglioni has bought MV Agusta back from Harley just two years after The Motor Company purchased the exotic sportsbike brand. The move may seem odd, but remember that, thanks to Harley, MV is now free of debt and has millions of dollars in new manufacturing equipment as well as an all-new midsize model ready to go in the form of the MV Agusta F3. Official word below and more analysis ...
Claudio Castiglioni has bought MV Agusta back from Harley just two years after The Motor Company purchased the exotic sportsbike brand. The move may seem odd, but remember that, thanks to Harley, MV is now free of debt and has millions of dollars in new manufacturing equipment as well as an all-new midsize model ready to go in the form of the MV Agusta F3. Official word below and more analysis on the way.
Update: MV's official statement added.
HARLEY-DAVIDSON FINALIZES SALE OF MV AGUSTA
MILWAUKEE, Aug. 6, 2010 -- Harley-Davidson, Inc. (NYSE: HOG) has concluded the sale of its subsidiary, MV Agusta, to Claudio Castiglioni and his wholly owned holding company, MV Agusta Motor Holding, S.r.l., effective today.
Castiglioni is the former owner of the Italian motorcycle maker and has served as MV Agusta's chairman since 2008, when Harley-Davidson acquired the company.
In October 2009, Harley-Davidson announced its intention to sell MV Agusta as part of a new corporate strategy to focus resources on the Harley-Davidson brand. Since then, Harley-Davidson has held discussions with various potential MV Agusta buyers.
"MV Agusta is a proud brand and we wish Mr. Castiglioni and the company's employees well," said Harley-Davidson President and Chief Executive Officer Keith Wandell. "Our decision to divest MV Agusta reflects our strategy to focus our efforts and our investment on the Harley-Davidson brand, as we believe this provides an optimal path to long-term growth."
MV AGUSTA IS ITALIAN AGAIN
Varese, August 6th 2010 - Claudio and Giovanni Castiglioni, through their family holding company have repurchased from Harley Davidson 100% of the shares of MV Agusta Motor S.p.A. which owns historic brands MV Agusta and Cagiva.
Harley-Davidson announced in October 2009 its intention to sell MV Agusta to concentrate on its core business and brand.
In connection with the repurchase transaction Lazard and Co. have acted as the financial advisor along with counsel Alessandro Varrenti (CBA) and Giuseppe Galeano whom provided legal and tax assistance in conjunction with family counsellors Giuseppe Carteni (Leadlaw), Andrea Lanata and Sergio Caramella. Along with Giovanni Castiglioni, the company will be headed by Mr. Massimo Bordi, a well known Italian manager. A 62-year-old engineer, Bordi took Ducati to success during the years when that company was owned by the Castiglionis and continued to manage it successfully under the ownership of Texas Pacific Group. Since 2003 Massimo Bordi has been the CEO of Same Deutz Fahr, contributing largely to the success of the company. Massimo Bordi commented that "MV Agusta has full capacity to once again become a major player in the high luxury brand motor bikes, this brand is one of the most recognized worldwide. We will implement a number of reorganization and managerial actions in the near future. Both the current and new models under development have a very strong character, great innovative features and a very unique design, I have no doubts about their future success."
Claudio Castiglioni, the historic intimate soul of MV Agusta will continue as chairman, and will concentrate on the development of the new products. Upon signing the agreement with Harley-Davidson, Claudio Castiglioni stated "MV Agusta is the crown jewel of Italian motorcycles, I am thrilled to have completed this transaction. I have already won once together with Massimo Bordi, we made the most beautiful bikes in the world and we will continue with this tradition".