Lapo Elkann enters the Youngtimers AG holding, listed on the Swiss Stock Exchange, to which he sold Garage Italia months ago. In other words, the heir of the Agnelli family reinvests, as part of a capital increase of 35 million Swiss francs, in the holding, which controls Youngtimers Asset Company, which in turn had taken over Garage Italia.
Yesterday, in fact, the news that the company, set up for the purpose of acquiring and holding shareholdings as well as operating in the collector car sector, placed 50 million new shares, at a price of 0.70 Swiss francs per share, through the private placement procedure. The placement was led by L. Holding, Lapo Elkann’s investment company.
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The proceeds from the transaction, a note from the Swiss company specifies, will mainly be used to finance strategic acquisitions. Upon completion of the deal, scheduled for this summer, the share capital of Youngtimers AG will consist of n. 62,013,566 ordinary shares listed with the symbol YTME.
“Garage Italia has built an important name and presence in the Italian automotive world over the years – the investments of Youngtimers AG will help bring our expertise and knowledge of the collectible automotive sector to the global market” comments Lapo Elkann, who continues : «We have a great vision and a strong international team in Youngtimers AG, with Garage Italia being an essential component in the Company’s” equity story “and the central part of the team, demonstrating the lasting relevance of Milan as a global hub for innovation and transversal leadership in today’s automotive, fashion, style and luxury fields ».
L. Holding thus becomes one of the main shareholders of the Swiss company with a stake of 23.04%. At the same time, following the subscription of the placement by some professional investors, the shareholder structure will also see the participation of more than 3% of the president and former shareholder of the company Adam Lindemann and 23.04% of the vice president Clive Ng. All investors who took part in the placement also entered into lock-up commitments until the end of 2022.