Bonhams Purchased by Private Equity Firm

Fellow appraiser Marcus Wardell sent me a notice that Bonhams had been purchased by British private equity firm, Epiris.

In a post this past May from the Art Newspaper I noted that Bonhams had retained financial advisors for a possible sale. Link is https://appraiserworkshops.blogspot.com/2018/05/bonhams-for-sale.html

Bonhams press release as follows and below a report from Bloomberg

Epiris today announces that Epiris Fund II, advised by Epiris LLP, has agreed the acquisition of 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 and most renowned auctioneers of fine art and antiques, motor cars and jewellery. The business holds 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 over £450 million of hammer sales.

The company is led by CEO Matthew Girling and CFO Jonathan Fairhurst who will be joined by Bruno Vinciguerra as Executive Chairman. Bruno served for eight years as COO at Sotheby's, and before that held senior roles at Bain, Dell and Disney.

Matthew Girling, CEO of Bonhams, said:

"We are delighted to have found a buyer that recognises 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 organisation. 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 whilst still offering the highest possible level of service wherever we operate."

Bruno Vinciguerra, incoming Executive Chairman of Bonhams, 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."

Owen Wilson, Partner at Epiris, said:

"Bonhams is a global business operating in a market with long-term structural growth and high barriers to entry. It is a platform with extensive scope for transformation through investment. We are delighted to be working with Bruno, Matthew and the rest of the team to implement our shared vision."

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."

 Source: Bonhams

Bloomberg reported on the purchase

Private equity firm Epiris LLP agreed to buy Bonhams, a 225-year-old auction house, for an undisclosed amount.

“Bonhams is a global business operating in a market with long-term structural growth and high barriers to entry,” Owen Wilson, an Epiris partner, said Tuesday in a statement. “It is a platform with extensive scope for transformation through investment.”


BonhamsSource: Bonhams
A smaller rival to Sotheby’s and Christie’s, U.K.-based Bonhams sells art, automobiles and jewelry. In 2017, it held about 250 events in London, New York, Los Angeles and Hong Kong, and generated more than 450 million pounds ($577 million) in total auction sales, excluding commissions.

London-based Epiris targets companies valued at 75 million pounds to 500 million pounds and has raised two funds, according to its website. Its first fund invested about 1 billion pounds in buyouts and loan-to-own debt deals since 2011, including TGI Fridays restaurants. The second fund, which is making the Bonhams acquisition, has also invested in Time Inc. U.K.

Bonhams Chief Executive Officer Matthew Girling and Chief Financial Officer Jonathan Fairhurst will remain with the firm, while Bruno Vinciguerra, former chief operating officer of Sotheby’s, will join as executive chairman, according to the memo.

Lazard and Ropes & Gray LLP advised Epiris on the sale, while Rothschild & Co. and Macfarlanes LLP were Bonhams’s advisers.

Source: Bloomberg 

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