Growth team

The Public Investment Fund (PIF), the sovereign wealth fund of Saudi Arabia, joins the Azimut|Benetti Group as a minority shareholder and strategic partner in the company’s next phase of growth.

06 April 2023


Azimut|Benetti Group has chosen the Public Investment Fund (PIF) as a new minority shareholder with a 33 percent share of the company.

The sovereign wealth fund of Saudi Arabia, one of the largest in the world, joins the group with the prospect of long-term investment to support the company’s next phase of growth, guided by the strategic vision of the Vitelli family, which retains the majority stake.

As with previous transactions, this will open up new strategic opportunities for the Azimut|Benetti Group.

PIF’s financial strength and synergies with other sectors will be able to support the group in its dimensional and technological growth. In addition, the group will benefit from PIF’s prominent position as a leading global investor.

The transaction will be completed upon the favourable outcome of anti-trust and regulatory clearances.


With PIF, also TIP (Tamburi Investment Partner), which has partnered with Azimut Benetti for over eight years, will remain in the group’s share capital with a reduced stake, a sign of the continuing confidence in the long-term growth of the group and in the leadership of the Vitelli family.

The Vitelli family stated, “We confirm the satisfaction and pride of the family for having earned – as the most important megayacht building group in the world – the trust of one of the largest global sovereign wealth funds, already present in luxury, technology and leisure.

“PIF will accompany Azimut|Benetti Group in the long term, offering strategic and important new business opportunities, including the Middle East, a geographic area that is undergoing strong development.

“The family, together with its trusted management, maintains a large majority of the group and its strategic direction.”



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