The auction house Bonhams has been sold by the private equity firm Epiris to the London-based asset manager Pemberton Asset Management.<\/p>\n
\u201cAs we look to the next phase of our growth we are pleased to announce the acquisition of Bonhams by Pemberton Asset Management,\u201d said the chairman of Bonham\u2018s board, Hans-Kristian Hoejsgaard, in a statement. \u201cThe partnership with Pemberton and new leadership team strengthens our market position and supports our long-term growth ambitions.\u201d<\/p>\n
The acquisition sees a gutting of key leadership at the auction house: Chabi Nouri has left as chief executive officer and C\u00e9line 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\u2019s chief financial officer, will leave at the end of the year. <\/p>\n
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 \u201ca proven track record of success in serving high value customers in marketplaces and steering through periods of change”, according to Hoejsgaard’s statement.<\/p>\n
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.<\/p>\n