New funding will accelerate serial production by finalizing the Seastar certification supplements and completing the production facilities in Wuxi, China.
West Star sees "great synergies" between it newly acquired Flite Components and Dallas Aeronautical Services, which was added to the portfolio last year.
At Airshow China, the country put up for sale a number of surplus military aircraft, including the relatively new JH-7 attacker and KJ-200 AEW aircraft.
The move comes a year after Piaggio had outlined a five-year turnaround plan that had included a £255 million ($342 million) cash injection from Mubadala.