Pemberton Asset Management, a European private credit manager backed by Legal & General, has acquired the auction house Bonhams from private equity firm Epiris for an undisclosed sum. The acquisition led to the departure of Bonhams's global CEO Chabi Nouri and chief commercial officer Céline Assimon, with a new senior leadership team appointed including Seth Johnson as CEO, Liese Thomas as CFO, and Jennifer Babington as COO. Bonhams chairman Hans-Kristian Hoejsgaard will remain in his role, while Chris Ellerker and Mohit Agarwal from Pemberton join the board.
This acquisition matters because it marks a significant shift in ownership for one of the world's oldest auction houses, ending Epiris's six-year tenure that saw aggressive expansion through the purchase of regional auction houses like Bukowskis, Skinner, and Cornette de Saint Cyr. The deal eliminates Bonhams's debt and provides strategic flexibility, positioning the auction house for long-term growth in a challenging market. The leadership change also signals a new strategic direction as Bonhams continues to compete in the premium and mid-market auction space.