Bonhams Bought By Private Equity Firm Epiris

Bonhams Bought By Private Equity Firm Epiris

Bonhams, the global auction house founded in 1793, is being acquired by Epiris Fund from private shareholders. Financial terms are not being disclosed.
The sale is the latest in a series of transactions in which large auction houses have changed ownership.
This is the fourth investment by Epiris Fund II, advised by Epiris LLP.
Bonhams holds more than 250 sales a year at its salerooms, which include London, New York, Los Angeles and Hong Kong. In 2017, it sold more than 50,000 lots, generating more than £450 million (about $580 million) of hammer sales.
The company is led by Chief Executive Officer Matthew Girling and Chief Financial Officer Jonathan Fairhurst, who will now be joined by Bruno Vinciguerra as Executive Chairman. Vinciguerra served for eight years as Chief Operating Officer at Sotheby’s, and also held senior roles at Bain, Dell and Disney.
“We are delighted to have found a buyer that recognizes the potential offered by this business and its employees,” said Girling. “Bonhams is one of the world’s oldest auctioneers – and one of the most ambitious.”
Alex Fortescue, Managing Partner of Epiris, said: “Investment activity levels remain high and we look forward to adding further to the portfolio at the appropriate time.”
Robert Brooks, shareholder and Chairman of Bonhams, said: “We have always had the intention one day to pass on the business to a new owner who shares our long-term vision for Bonhams.”
Recent investments by Fund II include TI Media, a UK consumer magazine publisher; Portals, one a manufacturers of “substrate” for banknotes; and The Club Company, the UK’s largest country club operator.

Bonhams Bought By Private Equity Firm Epiris