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Published: September 11, 2018
LONDON – Epiris recently announced that Epiris Fund II, advised by Epiris LLP, has acquired Bonhams, the global auction house, from private shareholders. This is Fund II’s fourth investment. Financial terms are not being disclosed.
Founded in 1793, Bonhams is one of the world’s largest auctioneers of fine art and antiques, motor cars and jewelry. The business conducts more than 250 sales a year at its flagship salerooms, which include London, New York, Los Angeles and Hong Kong. In 2017, Bonhams sold more than 50,000 lots, generating more that $575 million of hammer sales.
The company is led by chief executive officer Matthew Girling and chief financial officer Jonathan Fairhurst, who will be joined by Bruno Vinciguerra as executive chairman. Vinciguerrra served for eight years as chief operating officer at Sotheby’s, and before that held senior roles at Bain, Dell and Disney.
Girling said, “We are delighted to have found a buyer that recognizes the potential offered by this business and its employees. Bonhams is one of the world’s oldest auctioneers – and one of the most ambitious. During the past 20 years we have pursued a growth strategy that has turned the company into a truly global organization. The value of Bonhams rests with its people, their skills, their extraordinary expertise and their strong networks across the world. Epiris has a demonstrable and successful track record in investment in growing brands and we believe that together we can continue to expand the business while still offering the highest possible level of service wherever we operate.”
Vinciguerra said, “Bonhams is a business with great potential and a strong track record. I greatly look forward to working with the team to help deliver the next stage of growth.”
Alex Fortescue, managing partner of Epiris, said, “We are thrilled to announce the acquisition of Bonhams, which is Epiris Fund II’s fourth investment. We have taken a selective approach since the fund was raised, and have been assembling a portfolio of exciting investments, each of which fits our transformative strategy. 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. We would like to express our gratitude to Matthew Girling and the team, who have helped us transform the business into a truly global platform. I am immensely proud of what we have achieved at Bonhams and look forward to seeing the business continue to thrive under its new owners.”
For information, +44 20 7468 8394 or www.bonhams.com.
September 11, 2018
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