Tender process reopens for Piaggio Aerospace
Piaggio Aerospace Commissioner Extraordinary Vincenzo Nicastro today officially reopened the bidding process for the sale of manufacturer Avanti Evo after negotiations with only one potential buyer – reportedly a consortium led by Swedish fund Summa Equity – failed at the end of last year. Parties have until February 28 to submit expressions of interest.
The company, which went into receivership in 2018, initially attracted 19 expressions of interest to acquire Piaggio Aero Industries and Piaggio Aviation, the companies operating under the Piaggio Aerospace brand. That was whittled down to four parties a year ago and in July Nicastro entered negotiations with just one potential investor.
“Discussions with a number of counterparties are still ongoing, but we want to make sure we can secure the long-term future of the business,” Nicastro said. “That’s why we are officially starting the sales process again, but not from scratch. The preparatory work on the data room is already done, while we have set very tight deadlines for the due diligence and tender submission phases in order to speed up the process.
He said the goal is to sell Piaggio Aerospace in its entirety to a buyer “able to come up with a solid plan to relaunch and grow the business and … recognize its fair value.” Piaggio recorded 152 million euros in sales last year and has an order book of 500 million euros.