MILAN — Lapo Elkann is stepping on the gas with his Garage Italia Customs company, which specializes in vehicle customization, by leveraging the strength in collectible car trading of an international group.
On Thursday, Youngtimers AG revealed that it has issued 50 million new shares priced at 0.70 Swiss francs a share, or 76 cents, via a private placement, led by Elkann’s private investment company L. Holding Srl. In the wake of the transaction — and related capital increase of 35 million Swiss francs aimed at raising funds to support further acquisitions — Elkann will become one of Youngtimers AG’s largest shareholders, with a 23.04 percent stake.
“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 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.
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