The entrepreneur sells his Milanese creative workshop to Youngtimers Asset Company, a company listed in Switzerland that operates in the collector car sector
Lapo Elkann sold his Garage Italia Customs Srl to the Swiss Youngtimers Asset Company, a company listed on the Swiss Stock Exchange which operates in the collector car trade and which intends to consolidate the sector by focusing on younger generations of consumers.
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The entrepreneur, however, does not leave the game: he will remain non-executive chairman of Garage Italia, after joining the company as one of the major shareholders. The Turin entrepreneur, in fact, acquired 23.04% of Youngtimers Ag, the holding that controls Youngtimers Asset Company and which the consolider by 1 September 2021, closing the complex financial operation started with the placement of 50 million new shares. , at a price of 0.70 Swiss francs per share, to finance strategic acquisitions.
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Garage Italia has built an important name and presence in the automotive world Italian over the years. Youngtimers AG’s investments will help bring our expertise and knowledge of the collectible automotive sector to the global market, commented Lapo Elkann who had founded the Milanese creative workshop, specializing in customization and restomod projects, together with Carlo Borromeo. 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 continuing relevance of Milan as a global hub for innovation and transversal leadership. in today’s automotive, fashion, style and luxury fields, Elkann added.
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The company will maintain its headquarters in Switzerland and will bring together the activities of market development, content production and personalization activities in the Milan offices of Garage Italia.
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July 21, 2021 (change July 21, 2021 | 11:35)
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