Lapo Elkann Invests in Garage Italia’s New Parent Company – WWD
MILAN – Lapo Elkann is pushing hard with its Garage Italia Customs company, which specializes in vehicle customization, by leveraging the strengths of an international corporation’s collectible car business.
The company founded by Fiat scion in 2015 was quietly acquired earlier this year by Youngtimers AG, a Swiss-based parent company active in the collectible and listed car market. on the Swiss Stock Exchange.
On Thursday, Youngtimers AG revealed that it had issued 50 million new shares at 0.70 Swiss francs a share, or 76 cents, through a private placement, privately held by the investment firm. Elkann’s L. Holding Srl takes the lead. Following the transaction – and the associated capital increase to 35 million Swiss francs to raise funds to support further acquisitions – Elkann will become one of Youngtimers AG’s largest shareholders, with 23.04% share.
“Garage Italia has built a strong name and vibrant presence in the Italian car market over the years – the investment from Youngtimers AG will help bring our competence and knowledge to the space collectible cars to the global market,” said Elkann, who will not repeatedly comment on Garage Italia president after the deal.
“We have a great vision and a strong international team at Youngtimers AG, with Garage Italia being an essential component of the combined companies’ equity story and a core part of the team, demonstrating Milan’s enduring relevance as a global innovation hub, and he added.
The private placement of new shares was also underwritten by other investors including Youngtimers AG chairman, car collector and racing enthusiast Adam Lindemann, who increased his stake to 3%. and vice president Clive Ng, who matches Elkann’s interest in the company at 23.04 percent.
Following the acquisition of Garage Italia Customs, Youngtimers will maintain its corporate headquarters in Switzerland and will consolidate all its market development, content production and car customization activities at its current headquarters. Garage Italia in Milan. Then debuted in 2017 on Milan’s Piazzale Accursio inside a former historic Agip gas station. Following the agreement with Youngtimers, Garage Italia Customs chief executive Enrico Vitali resigned with the consent of both.
“The automotive space in general and the collectible car market in particular have undergone rapid transformations due to generational shifts in collector tastes and preferences, and this disruption presents an opportunity specifically for Youngtimers AG to strengthen the youth-focused collectible car business. generation of consumers and scalable business models focused on utilizing the latest advances in e-commerce and financial services,” commented Lindemann.
“We are especially pleased to welcome Mr. Lapo Elkann as one of our largest shareholders – his industry experience and reach will be an invaluable contribution to Youngtimers AG going forward,” he said.
In addition to owning Garage Italia Customs, Youngtimers AG also owns and operates New York-based Youngtimers Classics, a securitization and collectible car trading platform founded initially by Lindemann and Izabela Depczyk, a Entrepreneur in the fields of art, e-commerce and media space.
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https://wwd.com/business-news/mergers-acquisitions/lapo-elkann-invests-garage-italia-parent-company-youngtimers-1234886711/ | Lapo Elkann Invests in Garage Italia’s New Parent Company – WWD