Epiris has announced it has agreed the acquisition of Bonhams, the global auction house, from private shareholders for an undisclosed fee.
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 £450m of hammer sales.
The company is to be led by CEO Matthew Girling and CFO Jonathan Fairhurst who will be joined by Bruno Vinciguerra as executive chairman. Vinciguerra served for eight years as COO 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 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.”
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.”
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.”
The transaction is led for Epiris by Alex Fortescue, Owen Wilson and Bavya Makani. Epiris is advised by Lazard and Ropes & Gray. The sellers are advised by Rothschild and Macfarlanes.