Who will buy Piaggio Aerospace
A Northern European and Italian consortium in pole position for the purchase of the Ligurian aerospace company
The sale of Piaggio Aerospace reaches its final stage.
The extraordinary commissioner of the company, Vincenzo Nicastro, has identified the subject to negotiate the exclusive sale of the company from Villanova d'Albenga (Savona).
This is the Italoscandian consortium, formed, as revealed by La Repubblica, by the Swedish fund Summa Equity (leader) together with three industrial entities operating in the aeronautical sector: the Norwegian Heart Aviation, AgTech (with offices in Genoa and Savona) and Genoese Phase Motion Control (which, among other things, operates in the same building where the old Piaggio Aero headquarters in the Ligurian capital was located).
"But there is no shortage of unknowns" underlines Il Sole 24 Ore . “In fact, in mid-September the exclusive negotiation window for the delivery of the binding offer on Piaggio by the newco closed. The offer, however, has not yet been presented and the commissioner could, therefore, reopen the table with the other potential buyers ”.
In the meantime, the activity for the Villanova company continues. As announced by Christian Venzano, general secretary of Fim Cisl Liguria, Mise will purchase six Piaggio Aerospace P-180 aircraft. The order comes after the two contracts from the United States and the new contract from the Army concluded last April .
All the details on the group that could acquire Piaggio Aerospace.
THE COMMISSIONED COMPANY FOR SALE
Finished in extraordinary administration in December 2018 due to the decision of the controlling shareholder, the Mubudala fund in Abu Dhabi, Piaggio Aerospace is now for sale.
In February 2020, the extraordinary commissioner Nicastro, appointed by the government, launched the international call for tenders for the sale of the company's business complexes, an invitation to which 19 subjects responded.
FOUR SUBJECTS COMPETING FOR THE ACQUISITION
Four parties responded positively to the invitation to submit non-binding offers for the acquisition of the corporate assets of Piaggio Aero Industries and Piaggio Aviation, the two companies in extraordinary administration that operate under the Piaggio Aerospace brand.
This summer Commissioner Nicastro in collaboration with a team of experts evaluated the proposals, which reached the table by the deadline of 5 March.
After that, after having obtained from the Mise the authorization to start individual negotiations with the potential investor deemed most suitable, Nicastro decided to focus his attention on the proposal of the consortium led by Summa equity.
WHICH ARE THE COMPANIES OF THE CORDATA SELECTED BY THE COMMISSIONER
“The next and last step is the delivery by the maxicordata of the binding offer which, if accepted, can lead to the sale of the company” reported Repubblica .
As we said, the Swedish private equity fund Summa Equity is leading the consortium. It includes: three industrial players: the Swedish Heart Aviation and the Italian Phase Motion Control and AgTech.
WHAT SWEDISH HEART AVIATION DOES
It is a company based in Sweden that is working on the development of the ES-19, a 19-seat electric aircraft designed for short-haul flights as it has a range of up to 250 miles (about 400 km). The market debut is expected in 2026. The company has obtained funding from Breakthrough Energy Ventures, United Airlines, Mesa Air Group and EQT Ventures.
PHASE MOTION CONTROL
Phase Motion Control Spa, a medium-sized hi-tech company based in Genoa (in the area of the former Piaggio Aerospace plant), is active in the advanced mechatronics sector and led for over 30 years by Eng. Marco Venturini.
It specializes in servo motors and energy control. "In addition to working with the Chinese for cars – he told Repubblica Venturini last December – we are investing in electric motors for air taxis, airliners, drones used for freight transport, and vertical take-off aerobuses"
AGTECH
Finally, AgTech, a company active in the field of aviation engineering, forms the triad of industries present in the Summa Equity consortium.
As stated on the website, “a company was founded in 2001 on the initiative of the three founding partners Giuseppe Ottonello, Roberto Mairo and Alessandro Ferretto.
EXCLUSIVE TO THE ROPE GUIDED BY SUMMA EUITY EXPIRED
However, the window of "exclusive negotiation" with the Italoscandian consortium has just ended without the binding offer being formalized.
“This means that the commissioner is free, if he deems it, to open other tables,” explains Repubblica . "This obviously does not prejudice anything for the Northern European and Italian consortium which was chosen precisely for the overall value of its offer, not only economic, but also planning and employment".
This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/innovazione/chi-comprera-piaggio-aerospace/ on Mon, 27 Sep 2021 04:53:12 +0000.