Pemberton Asset Management, a European private credit manager, has acquired Bonhams from the private equity firm Epirus for an undisclosed sum.
In a recent email sent by Hans-Kristian Hoejsgaard, the chairman of the house’s board, to Bonhams’ staff and seen by ARTnews, he wrote: “Today marks the start of a new chapter for Bonhams. Pemberton Asset Management, one of our existing lenders and a leading investor backed by Legal & General, the UK’s largest insurance company, has taken ownership of the business from Epirus.”
Hoejsgaard added that the move has also seen Bonham’s global CEO, Chabi Nouri, depart her role, along with its chief commercial officer, Céline Assimon. Both were London-based. Swiss-born Nouri was only appointed in August last year after stints as CEO of Richemont-owned watch and jewellery company Piaget, and more recently as private equity partner at the Mirabaud Group. Bonhams appointed Assimon in May last year.
Alex Lejeune, Bonham’s CFO and COO, will remain until the end of the year to “support the transition.”
“I will continue as Chairman and am pleased to welcome a new senior leadership team with Seth Johnson joining as CEO, Liese Thomas as CFO, and Jennifer Babington as COO,” Hoejsgaard wrote. “Chris Ellerker and Mohit Agarwal from Pemberton will be joining the Board, replacing Owen Wilson and Zoe Lai from Epirus.”
In 2023, Epirus floated Bonhams sale and reportedly approached JP Morgan and Chase & Co to advise on the deal. Epirus was seeking $1 billion for the 232-year-old auction house (its total revenue topped $1 billion in 2022) but the sale process fell through.
Epiris acquired the house in 2018 and oversaw a phase of significant growth. During this time, it added several smaller regional auction houses to its portfolio, including the Nordic firm Bukowskis, New England-based Skinner, and Danish house Rasmussen. In June 2022, Epiris further expanded Bonhams’ reach by acquiring the French auction house Cornette de Saint Cyr. This brought Bonhams’ total number of salerooms worldwide to 14, with locations including Hong Kong, Los Angeles, and most recently Paris, where it launched operations last year.
In the wake of these acquisitions, Bonhams’ then-CEO Bruno Vinciguerra told The Art Newspaper in 2022: “[Bonhams’ sale] will happen one day, but this is not what drives our strategy. I’m personally convinced we’re going to work on this for 20 years, as a company; it’s a long-term thing.”
In an email Bonhams sent ARTnews on Sunday, a spokesperson who said they were “sitting across Pemberton and Bonhams’ press offices” refused to disclose how much Pemberton had purchased Bonhams for. “Epirus investment cycle came to an end [so] it became clear that a new owner would be best placed to support the business through its next phase,” they wrote. “Pemberton, as a result of its experience with its portfolio companies in sectors and regions of high relevance to Bonhams and their work in repositioning iconic brands, is better placed to support the ongoing transition and long-term ambitions of Bonhams.”
“This transaction marks a defining moment for the business, eliminating the debt overhang, bringing balance sheet strength and strategic flexibility,” they added.
The email included a statement from Hoejsgaard, which read: “Bonhams has achieved significant growth and sustained profitability over recent years, and we thank our former owners Epiris for their role during this time. 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. The partnership with Pemberton and new leadership team strengthens our market position and supports our long-term growth ambitions.”
Epirus did not respond to ARTnews’ request for comment by the time of publication
