Youngtimers completes the acquisition of Garage Italia. The advisors

Youngtimers Asset Company, a company controlled by Swiss Six market listed Youngtimers, purchased 100% of Garage Italia Customs, a creative hub founded by Lapo Elkann. The seller, Laps To Go, is controlled by Lapo Elkann.

The sale is part of the broader context of a growth operation of a listed player in the automotive bespoke and electrification sector. 23.04% of Youngtimers share capital is owned by Lapo Elkann through L Holding, the same percentage is held by Clive NG, while more than 3% is held by Adam Lindemann.

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.

Adam Lindemann will remain the president of Youngtimers 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 as CEO of Garage Italia.

The advisors

Bird & Bird acted as legal counsel to Youngtimers Asset Company

Pedersoli law firm acted as legal counsel for Lapo Elkann.

For further details on the legal teams click here