Login
Apax advised on majority acquisition of Pickles Auctions
Global firm King & Wood Mallesons (KWM) has supported funds advised by Apax Partners LLP (Apax) in its majority acquisition of Pickles Auctions (Pickles Auctions); Ashurst advised Pickles Auctions’ key stakeholders on the disposal of majority interest in the company.
Jess Feyder
Firm: KWM (Apax); Ashurst (Pickles Auctions).
To continue reading the rest of this article, please log in.
Create free account to get unlimited news articles and more!
Deal: Apax acquired a majority interest in Pickles Auctions.
Value: N/A
Area: Corporate
Key players: The KWM team was led by partners Lee Horan and Matt Coull and special counsel Jared Nickig. The Ashurst team was led by partner Anton Harris.
Deal significance: The transaction is the first acquisition in Australia by the relevant Apax funds. It aligns with Apax’s extensive experience in investing in and operating leading online marketplaces, such as New Zealand company Trade Me.
Pickles Auctions is Australia’s leading marketplace for vehicles, industrial and salvage assets, KWM said in a statement. They have over 50 years of experience, 23 branches nationwide and hold more than 150 auctions monthly.
The Pickles family has owned the business since 1964 and will retain a minority interest in the company, and the current executive leadership team will remain in place.
The decision to bring in investment from Apax was made by key shareholders to realise a portion of the value they helped create to date.
Apax intends to leverage its expertise in digital transformation to accelerate Pickles Auctions’ digitalisation journey and fuel future growth. The Pickles family and management believe that Apax has the capacity and expertise to fulfil these aims.
Mr Horan commented: “We’re delighted to have assisted Apax in making its first investment in Australia into a well-known brand that is undergoing a significant digital transformation.”
Kirkland & Ellis (K&E) advised Apax alongside KWM. The K&E team was led by partners Srinivas Kaushik and Adam Clifford in the US.
Cross-practice assistance for the KWM team came from the banking and finance, employment, environment and planning, intellectual property, real estate and tax practice groups.
Additional support was also provided by Anderson Lloyd in New Zealand and Lim Jo Yan & Co in Malaysia, with KWM’s Singapore office assisting with coordination of foreign counsel.
The Ashurst team was supported by senior associate John Nielsen and associate Maggie Skow, partner Emma De Carle and associate David Chong, and partner Jane Harvey and associate Ruby Wade.
The acquisition is expected to be completed before the end of 2022.
