The sovereign fund of Saudi Arabia bought the 30 percent de Pagani SpA, the super sports brand founded by the Argentine Horacio Pagani. The investment of Public Investment Fund (PIF) is part of a long-term strategic partnership with the company founded in 1992.
“Since its founding, Pagani has enjoyed partnerships with the best players in its class, as we believe that excellence can only be achieved through teamwork. This is demonstrated by our long-standing links with our technology partners, leaders in their reference sectors and who will continue to play an important role in the future of Pagani ”, explained Horacio Pagani, who is the firm's Executive and Design Director and will maintain his leadership position within the company.
"Today we are proud to announce a significant partnership with PIF, a key step in our long-term growth strategy, which envisions significant investments to ensure that our upcoming hypercars will continue to deliver unique emotions regardless of their powertrain technology."added the designer.
The Pagani family will reportedly retain full control of the Modena, Italy-based company and the PIF will gain a minority stake, joining existing shareholders: Nicola Volpi y Emilio Petrone.
This agreement with PIF is part of the continuous growth strategy initiated by Pagani in recent years that not only intends to continue the path of innovation in the hypercar market but also to explore new growth opportunities within the lifestyle segment, through through the launch of Pagani Art.
PIF, one of the largest and most impactful sovereign wealth funds in the world, is the economic engine of the Saudi Vision 2030, promoting the diversification of the economy of Saudi Arabia. "The agreement with Pagani is in line with PIF's strategy through opportunistic investment in partnerships with strong international companies"says the company's statement.