MILAN — Lapo Elkann is stepping on the gasoline along with his Garage Italia Customs firm, which makes a speciality of automobile customization, by leveraging the energy in collectible automotive buying and selling of a global group.
The firm established by the Fiat scion in 2015 was quietly acquired earlier this yr by Youngtimers AG, a Switzerland-based holding firm that operates within the collectible automotive market and is listed on the Swiss Stock Exchange.
On Thursday, Youngtimers AG revealed that it has issued 50 million new shares priced at 0.70 Swiss francs a share, or 76 cents, through a non-public placement, led by Elkann’s personal funding firm L. Holding Srl. In the wake of the transaction — and associated capital enhance of 35 million Swiss francs geared toward elevating funds to help additional acquisitions — Elkann will turn into certainly one of Youngtimers AG’s largest shareholders, with a 23.04 p.c stake.
“Garage Italia had built a strong name and vibrant presence in the Italian car scene over the years — the investment from Youngtimers AG will help bring our competences and knowledge of the collectible car space to the global market,” commented Elkann, who will stay nonexecutive chairman of Garage Italia following the deal.
“We have a great vision and a strong international team at Youngtimers AG, with Garage Italia being the essential component of the combined companies’ equity story and the core part of the team, proving the lasting relevance of Milan as the global hub for innovation and thought leadership at the crossroads of automotive, fashion, style and luxury narratives of today,” he added.
The personal placement of latest shares was additionally underwritten by different buyers together with Youngtimers AG’s chairman, automotive collector and automotive racing fanatic Adam Lindemann, who has raised his stake to three p.c, and vice chairman Clive Ng, who matched Elkann’s curiosity within the firm at 23.04 p.c.
Following the acquisition of Garage Italia Customs, Youngtimers will preserve its company headquarters in Switzerland and can consolidate the entire market improvement, content material manufacturing and automotive customization operations on the current Milan headquarters of Garage Italia. The latter have been unveiled in 2017 on Milan’s Piazzale Accursio inside a historic former Agip petrol station. Following the Youngtimers deal, Garage Italia Customs’ chief govt officer Enrico Vitali resigned from his put up by mutual consent.
“The automotive space in general and the market for collectible cars in particular has undergone rapid transformations driven by generational changes in collectors’ tastes and preferences, and this disruption creates an exceptional opportunity for Youngtimers AG to consolidate its trade in collectible cars focusing on the younger generation of consumers and scalable business models centered on the use of the latest advances in e-commerce and financial services,” commented Lindemann.
“We are particularly delighted to welcome Mr. Lapo Elkann as one of our largest shareholders — his industry experience and access will be an invaluable contribution to Youngtimers AG going forward,” he mentioned.
In addition to proudly owning Garage Italia Customs, Youngtimers AG owns and operates the New York-based Youngtimers Classics, a collectible automotive buying and selling and securitization platform initially established by Lindemann and Izabela Depczyk, an entrepreneur within the arts, e-commerce and media area.
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