Italian motorcycle manufacturer MV Agusta announced today that they have raised an additional €40 million in funding. In the past 12 months, the company reported they have raised €50 million.

The MV Agusta Board of Directors also announced that Giovanni Castiglioni will continue as company president, while investor Timur Sardarov takes on the role of the company’s new CEO and Chairman of the Board.

“In the last five years MV Agusta made an important growth throughout the enlargement of its product pipeline ranging from three to four cylinders and different segments of the market,” Castiglioni said in a statement. “Now is time to consolidate the efforts and concentrate to increase our service and network bringing to our customers a unique purchase experience, which reflects the values of our brand. On the financial side, I am proud of the incredible work we have done in the last 24 months that enabled us to reduce our net debt position by over 60% allowing MV Agusta to be a solid and stable company also thanks to a large amount of capital brought in by our shareholding company. These important achievements are the results of a great teamwork that Timur and myself did in this intensive period. Now that MV Agusta is strong I can finally concentrate on the industrial side, which is what I love, having the clear objective of bringing to the market the most advanced products in the industry. I personally took to our Board the idea of Timur being the future CEO of MV Agusta and I am very happy he accepted this role: his vision and his focus on innovation will bring the group to the next level”.

In a press release, the company said it is “adopting a strategy focused on reducing the current number of dealers allowing its best dealers to increase their territories as well as promoting new mono-brand stores.” MV Agusta Moscow is set to open this month, with MV Agusta London set to open by mid-2019. The company said they have plans to open six new mono-brand stores within the next 12 months.

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