Mahindra the Indian car giant has gone after the amazingly stylish Pininfarina which many know as the stylish Italian car designer which has designed almost 1,000 cars across brands over the years.
Pininfarina were operating with a debt of approximately 47.4 million euros and Mahindra have now picked up the company for 25.3 million euros and will help enhance Pininfarina in the future.
Mahindra will also inject 20 million euros into the designer through a rights issue of new stock, and will provide a guarantee worth up to 114.5 million euros to its lenders, creditors and lessors.
Mahindra now own 76.6% of Pininfarina, the remaining percentage to be left open to be purchased in the future.
Pininfarina will continue to remain an independent company, listed on the Milan Stock Exchange, with Mr Paolo Pininfarina continuing as the Chairman of its board, Paolo is the son of Sergio (above) who is son of the original founder Battista (image 2).
Battista Pininfarina the founder is where the Pininfarina brand came about; he began working in his older brothers car body workshop at the age of 12, in Turin, Italy, he worked here for decades and it was here where he learnt about body work and he even began designing his own cars.
Interestingly Battista incorporated his nick name Pinin meaning the youngest/little one in the family, so the logo read as Pininfarina and also in 2013 Mahindra the Indian company hired Hubert Tassin, a former Pininfarina designer.
The Pininfarina features their logo on many Ferraris and have collaborated with Alfa Romeo for over 70 years too. Other collaborations include Maserati and Lancia and General Motors and BMW, Bentley, Rolls Royce, Jaguar to mention the most prominent.
The logo is world renowned and a car featuring the logo is known to be an exclusive model. The Pininfarina site sums up their history from 1930 to date by saying:
“Starting from its roots and from the solid reputation achieved during 85 years of glorious history, Pininfarina has confirmed its role as standard-bearer of the aesthetic values of Italian design in the world. Today’s activities are focused on design (automotive and non-automotive), engineering services (product development, testing, prototype construction) and production of very small series or exclusive high quality cars.”
“In its genes, Pininfarina today is the same as it was in the Thirties: the central role of design, aesthetic sensitivity capable of creating timeless beauty, constant striving for innovation, the strength of a tradition that brings together industry, technology and stylistic research, the capacity to interpret the client’s requirements thus maintaining its brand identity, and a propensity for long-term collaborations. These values, together with the commitment of the entire Group, will enable us to build a bridge towards the future” – Paolo Pininfarina grandson of Battista Pininfarina.
Battista’s son was Sergio who managed the Pininfarina brand until 2012 when he passed away.
The Pininfarina brand is 85 years old and has worked with a variety of Car manufacturers, many of which are exotic. Paolo is currently chairman of the board. “The firm will remain in Italy, as will the workforce and management, the style and the brand are linked to our history.” Said Paolo Pininfarina.
The Pininfarina cars sell at Auction for millions especially the Ferrari models. Mahindra the Indian car manufacturer have purchased the Italian car designer at a discounted price as they were in financial trouble and needed the help of a bigger company to help them recover and continue their excellent work in the future. The Pininfarina website stated recently that they have become the latest jewel in the Mahindra crown.
Mahindra will be able to feature more now internationally not just India, but also in Germany, Italy, China and the US. Pininfarina said of the acquisition “For Pininfarina, the acquisition will mean an ability to leverage Tech Mahindra’s presence across 90 countries and access to about 780 customers. Tech Mahindra’s global delivery model will lend Pininfarina a newly heightened scale to its operations.”
It looks like we are soon set to see Mahindra continuing the work alongside Pininfarina to create super styled model cars and with the wealth of Mahindra these cars will be set to take the future by storm and allow Pininfarina to grow and produce more of these exquisite future models and set a new platform for the future of stylized cars.
You can find out more about Pininfarina at : “Pininfarina.com” and more about Mahindra Tech / Mahindra and Mahindra at “TechMahindra.com”.