Epiris has announced 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."
On 8th September 2018, Bonhams will be holding their annual Goodwood Revival sale. On offer this year is a 1972 Ferrari Dino 246GT first bought by rock 'n' roll royalty Keith Richards. Estimated at £300,000-400,000.
If Richards couldn't get no "Satisfaction" in 1965, it was because he hadn't yet bought the Dino. A car of sensational automotive design, the 2.4 litre, 175-hp V-6 engine, with a 5-speed manual gearbox, was made especially for the American market and bought new by Richards in February 1972. So fond was Richards of the car that three years later the Dino travelled across the pond with him, from California to London, and was driven around the streets of Chelsea by the Rolling Stones' guitarist until 1986, when it was then purchased by a prestigious Japanese collector.
This model oozes 1970s glamour with black leather interiors and sultry Argento silver paintwork, befitting of a rockstar at the height of his fame. Despite Richards confessing he didn't like to be the "fastest gun in the west" on his guitar strings, when it came to cars it would seem the faster the better- 148mph to be exact. The Dino's mid- to rear engine design is traditionally suited to life on the track, however, the 246GT makes the racing car fantasy a reality for non-professional drivers with an innate ability to tame the Dino's racy handling.
Sholto Gilbertson, Director of Motor Cars at Bonhams says "If you want to feel like a Rock God, this is the car for you. The stunning low-sloping bonnet, purring engine power and 0 – 50 mph acceleration time of 5.5 seconds makes the 1972 Ferrari Dino 246GT a very attractive choice."