Garage Italia joins the Youngtimers Ag group, a company listed on the Swiss Stock Exchange. Lapo Elkann becomes one of the main shareholders with 23.04% of the capital. Youngtimers Ag operates in the collector car market and aims to consolidate the sector by focusing on younger generations of consumers and on sustainable business models focused on e-commerce. Youngtimers Asset Company, a wholly owned subsidiary of Youngtimers AG and which will be consolidated by the latter by 1 September 2021, has already acquired 100% of the share capital of Garage Italia. «Garage Italia has built an important name and presence in the Italian automotive world over the years. Youngtimers AG’s investments will help bring our expertise and knowledge of the collectible automotive sector to the global market »says Lapo Elkann who will remain president of Garage Italia.
Youngtimers placed 50 million new shares, at a price of 0.70 Swiss francs per share, raising 35 million Swiss francs through the private placement procedure approved by the company’s annual shareholders’ meeting on 30 June. The proceeds from the placement will mainly be used for the purpose of financing strategic acquisitions. The placement, which was led by Lapo Elkann’s investment firm, was also signed by a small number of professional investors, including the company’s chairman and former shareholder Adam Lindemann. The latter, with the subscription of further shares, now holds over 3.00% of the share capital of the company while the vice president Clive Ng, equaling the investment of Lapo Elkann, has come to hold 23.04% of the share capital by Youngtimers AG. All the investors taking part in the placement have entered into lock-up commitments and have undertaken not to sell their shares until the end of 2022. Youngtimers expects the capital increase of 35 million Swiss to be registered in the register of companies and the listing is approved by the Swiss Stock Exchange in the first half of August and that further details on its business strategy are announced by the end of August. Adam Lindemann will remain the president of Youngtimers Ag in Switzerland and of Youngtimers Classics in the United States, Izabela Depczyk and the delegate of YTME, Massimiliano Iuliano, will join the board of Garage Italia. Enrico Vitali resigned by consensus from CEO of Garage Italia.