The Public Investment Fund has agreed to purchase a minority investment in Horacio Pagani SpA, the latest sign that the Kingdom is becoming more active in the automobile industry.
The investment is part of a long-term strategic collaboration between the two organizations. PIF joins Italian minority shareholders, Nicola Volpi and Emilio Petrone, with the Pagani family retaining complete control of the company.
A “perfect partner” for advancing an iconic brand
Pagani, based near Modena in northern Italy, was founded by Italian-Argentine entrepreneur Horacio Pagani in 1992. The PIF, according to the CEO and chairman, is a “perfect partner” for advancing an iconic brand, as well as supporting its expansion strategy in the lifestyle segment.