why Lapo Elkann left- Corriere.it

The day after that Lapo Elkann announced that he has left the presidency of Garage Italy in disagreement with the partners it is discovered what may be the reason for the disagreement. Garage Italia was sold to the Luxembourg company Fbnk Finance sarl. With a note on the site, the Swiss parent Youngtimers AG listed on the Zurich Stock Exchange (and of which Lapo is a shareholder with 23.04 per cent) announced a partnership with Fbnk Finance, a Luxembourg investment company owned by a veteran investor e-commerce, Aston Fallen, to expand the tokenization services for collector cars on the previous Nft initiative of Garage Italy (and on the Alti tokenization platform acquired by Youngtimers AG among other assets of Youngtimers Asset Company AG earlier this year.

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Garage Italia, sold 30% for 3 million francs

The agreement provides that the sale of 30% of Garage Italia for three million Swiss francs, with an option to sell the remaining 70 percent for eight million francs. Fbnk Finance will be renamed Garage Italia Finance S. rl with immediate effect. The current members of the Garage Italia Customs Board, Izabela Depczyk and Massimiliano Iuliano, have resigned and the next Garage Italia assembly will be called to replace them with Aston Fallen and Thomas Garrahan. The transaction took place through the subsidiary Youngtimers asset company. There strategic and industrial vision with the creation of long-term value by Lapo Elkann, who was the founder of the company, faced a short-term financial approach by the partners. Another battleground was theelectrification of cars, started by Lapo a few years ago, on which the Swiss would have decided not to bet.

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The sale in July and the return on investment

Elkann had sold in July 100% of Garage Italia to the Swiss Youngtimers for 10 million Swiss francs (therefore the operation announced today represents a 10% premium) and had entered 23% in the parent company with a restriction on exit until 2022. Following the acquisition of Petrolicious completed on 30 September – commented Massimiliano Iuliano, Youngtimers AG Board Delegate – the Youngtimers team focused on building and increasing the value of our media and e-commerce resources, with a partnership strategic with Garage Italia and its new investors which allows a good return on our recent investment in Garage Italia and a constant source of long-term income from providing tokenization services to the Garage Italia group in the future.

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