Share |

Pininfarina family to sell stake in family business

The Pininfarina family has hired Banca Leonardo to sell its majority stake in the car designer and niche manufacturing company founded by Battista "Pinin" Farina in 1930.

The decision was made at a board meeting on Wednesday according company spokesman Francesco Fiordelisi. "Two days ago the board of directors met and decided to give the sale to Banca Leonardo – so now it is official," he exclusively told "The family will stay deeply involved in the business. Paolo Pininfarina is still our chairman and he is also president and CEO of Pininfarina Extra, the company within the group that specialises in product and interior design."
Chairman and third-generation family member Paolo Pininfarina (pictured) confirmed the family's commitment. "In these circumstances, it is moving to recall that it is now one year since my brother Andrea's tragic death. I am sure he would be proud to see the company still very much alive and still making its presence felt," he said. (Click here to read our coverage of Andrea's death)

The sale of the family's 51% stake in the company was part of a debt agreement with banks reached in late 2008. The firm, which has designed cars for Ferrari, Maserati and Rolls Royce, has debts of around €125 million.
Pininfarina has remained in the family's control since it's formation. Paolo's sister Lorenza sits on the board along with their father Sergio, who is also honorary chairman.

Want to get the latest family business news direct to your desktop? Click here and register to receive our weekly newsletter.

Click here >>