Pemberton Asset Management, a European private credit manager, has acquired the 232-year-old auction house Bonhams from private equity firm Epiris for an undisclosed sum. The acquisition prompted the departure of Bonhams's global CEO Chabi Nouri and chief commercial officer Céline Assimon, with a new leadership team installed including Seth Johnson as CEO, Liese Thomas as CFO, and Jennifer Babington as COO. Bonhams chairman Hans-Kristian Hoejsgaard remains in place, while Pemberton representatives Chris Ellerker and Mohit Agarwal join the board.
This acquisition matters because it marks a significant shift in Bonhams's ownership structure, eliminating its debt overhang and providing balance-sheet strength for future growth. Epiris had previously sought $1 billion for the auction house in 2023 but the sale fell through. Under Epiris's ownership since 2018, Bonhams expanded aggressively by acquiring regional auction houses including Bukowskis, Skinner, Rasmussen, and Cornette de Saint Cyr, growing to 14 salerooms worldwide. The new ownership by a credit manager rather than a private equity firm signals a different strategic approach focused on long-term stability rather than a quick exit.