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April 18, 2012 -
International Motorcycles S.p.A, a subsidiary of the
Investindustrial Group has today agreed to the sale of
Ducati Motor Holding S.p.A to Audi AG, part of the
Volkswagen Group. The acquisition is subject to antitrust
clearance.
Ducati, founded in
1926 and based in Borgo Panigale (Italy), is a leading
motorcycles designer and manufacturer which boasts a rich
racing heritage in the MotoGP World Championship and the
Superbike World Championship.
In 2011, Ducati sold
42,200 units, resulting in an 11% global market share, and
generated revenues of ��480 million at the best-in-class
profitability.
Since the acquisition
by Investindustrial in 2006, Ducati has been turned around
with great success into one of the best and most profitable
motorcycle brands in the world. The company successfully
launched a globalisation process which led the company to
open a factory in Thailand in 2011 and to expand into new
fast growing markets, such as Brazil, China and India. As of
today, 80% of Ducati's sales come from foreign markets and
at the end of 2011 the Group recorded the highest turnover
and EBITDA in its history.
The creation of
industrial value is demonstrated by strong growth across the
company: under Investindustrial𠏋 ownership, Ducati's
revenues grew from ��305 million in 2006 to ��480 million in
2011, EBITDA rose from ��27 million in 2006 to ��94 million in
2011 and resulted in positive EBIT of ��51 million from ��5
million in the year of the acquisition. The number of
employees increased from 1,043 in 2006 to 1,135 in 2011.
In recent years, under
the guidance of the management team, led by CEO Gabriele Del
Torchio, Ducati has also developed the most exciting and
up-to-date product range in its history by launching 17 new
models including the Multistrada 1200 in 2010, the Diavel in
2011 and more recently the Panigale superbike. These
achievements have contributed to a significant increase in
motorcycle sales, rising from 35,300 in 2006 to 42,200 at
the end of 2011.
Ducati also achieved
great success in the world of racing: in Super Bike, Ducati
won 4 Riders World titles (2006, 2008, 2009 and 2011) and 3
Constructors World titles (2006, 2008 and 2011) and a total
of 68 wins. In MotoGP, Ducati won 28 races, a Riders World
title and a Constructors World title in 2007.
Andrea C. Bonomi, Chairman of
Investindustrial commented :
Ducati has thrived
with us as a result of the intensive industrial turnaround
and the commercial push into new, fast-growing markets. We
are convinced that the company will continue to provide a
bright and rewarding future to its customers and employees
in the very capable hands of Audi. We believe that Audi is
the best partner to continue the globalisation process that
has already been successfully initiated.
The management team,
led by Gabriele Del Torchio, and the Ducati's skilled and
passionate workforce have been a key element in turning the
company into a global brand with some of the most exciting
motorcycle models currently on the market. I am convinced
Audi will be a responsible new owner, preserving the Italian
workforce's
technology skills for a bright future for
the Company. Ducati has a loyal and growing customer base,
which will be well looked after thanks to Audi and
Volkswagen Group𠏋 global presence and engineering
excellence.
This transaction is
the second purchase in only a few months of an
Investindustrial group company by a strategic buyer, the
other being the sale of the leading cladding and
architectural envelope group Permasteelisa to JS Group of
Japan.
Audi's decision to
acquire Ducati confirms the effectiveness of
Investindustrial group's strategy of investing in Italy,
which is home to many quality companies. These companies are
poised to develop into globally-operating and high-quality
brands if properly guided and nurtured.
Hospitals of Ontario
Pension Plan, a leading Canadian investor and BS
Investimenti, also sold their stakes in Ducati to Audi AG.
Studio Chiomenti advised the seller on
legal matters. |
