The sale process of the business complexes of Piaggio Aero Industries and Piaggio Aviation, the two companies in extraordinary receivership proceedings that operate under the Piaggio Aerospace brand, has entered a new phase. The company’s extraordinary commissioners have admitted 13 parties from among the 18 who had expressed their interest to the due diligence phase, thus granting them access to the data room of the company.
Piaggio Aerospace’s commissioners Carmelo Cosentino, Vincenzo Nicastro and Gianpaolo Davide Rossetti did not disclose any names but assured that among them there are 'first-level companies or consortia mainly with an industrial background, with an interest in buying the company in its entirety and mostly based in Italy or Europe'.
Potential buyers will have until the end of August to access the data room, to get the needed information on the business complexes of two companies and assess, among other things, their value and potential. Once the due diligence phase is over, binding offers will be solicited.
"We are starting this new phase of the procedure in full compliance with the original timetable," say the commissioners. "We are aiming to have a name to propose to the Ministry of Enterprises and Made in Italy in the autumn, and to sign a preliminary, binding deal by the end of the year.
"We’ll proceed expeditiously and without exceptions of any kind, aiming at identifying a new owner that, in addition to recognising the fair value of the group, will be able to propose a long-term strategy, safeguarding the company’s brand, competencies and employment."
Piaggio went into Extraordinary Receivership in December 2018 and its sale commenced the following April. A relaunch plan was lodged with the Ministry of Economic Development in August 2019. The company was still looking for a buyer in January 2022 and having closed one of its best financial years, it was hoped the purchaser would implement a recovery plan for the whole business. No purchaser was confirmed so the bidding process was reopened. The deadline has subsequently been extended, most recently to 13 May, 2024 as the time by which the sale process should be completed.
By 21 June this year, 18 expressions of interest had been submitted for the purchase of Piaggio Aerospace, many from Europe and North America, some from the Far East, but around half were submitted by businesses with Italian headquarters.