The auction house Bonhams has been sold by the private equity firm Epiris to the London-based asset manager Pemberton Asset Management.
“As we look to the next phase of our growth we are pleased to announce the acquisition of Bonhams by Pemberton Asset Management,” said the chairman of Bonham‘s board, Hans-Kristian Hoejsgaard, in a statement. “The partnership with Pemberton and new leadership team strengthens our market position and supports our long-term growth ambitions.”
The acquisition sees a gutting of key leadership at the auction house: Chabi Nouri has left as chief executive officer and Céline Assimon has stepped down as chief commercial officer. Nouri was appointed to the role only last year, while Assimon joined in 2023. Meanwhile, Alex Lejeune, currently Bonham’s chief financial officer, will leave at the end of the year.
They are replaced by three business heads with no apparent art or luxury world experience. Seth Johnson joins as chief executive, Liese Thomas as chief financial officer and Jennifer Babington as chief executive officer, all of whom carry “a proven track record of success in serving high value customers in marketplaces and steering through periods of change", according to Hoejsgaard's statement.
The sale does not come as a surprise. Epiris floated Bonhams for sale in 2023, seeking to value the company at the time for $1bn. The financial terms of Pemberton Asset Management's acquisition are undisclosed.
Epiris acquired Bonhams in 2018 and pursued an aggressive expansion strategy that saw the auction house buy up smaller, specialist houses in an attempt to capture the middle market.
“Bonhams has achieved significant growth and sustained profitability over recent years, and we thank our former owners Epiris for their role during this time,” Hoejsgaard said. “Despite a challenging market, Bonhams’ resilient performance relative to the wider sector has been supported by investments in technology, the expansion of our global footprint and being strategically positioned in the premium auction space and a leader in the mid-market. This is all underpinned by our broad 60+ department offer which meets the needs of a diverse client profile.”
