February 13, 2020
London, San Francisco
Technology, Digital Media and Media
GCA Altium advises Auction Technology Group on its sale to TA Associates
GCA Altium advised Auction Technology Group (“ATG”), a leading global marketplace for online auctions and portfolio company of ECI Partners, on its sale to TA Associates.
ATG is an online marketplace connecting the world’s auctioneers to a global bidder base. The company operates five leading portals aiding the sale of inventory across three different industry verticals: Arts & Antiques; Industrial & Commercial; and Consumer Surplus & Returns.
Headquartered in London, with additional offices in Hamburg and Seattle, ATG has over 50 million web visits p.a., runs over 14,000 auctions p.a. and brings 8.9 million lots p.a. to bidders in over 150 countries.
Through its single, proprietary cloud-based transaction platform, ATG creates a virtuous circle for both auctioneers and bidders by giving bidders access to a huge inventory of unique items, whilst bringing a fragmented regional auction industry into contact with a global bidder audience.
TA Associates has concurrently acquired Proxibid, a North American peer of ATG specialising in the Industrial & Commercial market. The companies will be combined under the ATG umbrella with headquarters in London, but will retain substantial operations in Omaha, Nebraska where Proxibid is headquartered. The enlarged group will benefit auctioneers and bidders through increased technology investment and better auction results.
ECI Partners has re-invested into the enlarged group from their latest fund.
“We are incredibly excited by the combination of ATG and Proxibid. Joining the two companies will give us the resources to invest in better tools for auctioneers and accelerate investment in marketing, which we believe will bring a steady stream of new online bidders. Both companies also share very similar cultures that value a great experience for our auctioneer and bidder clients. I would like to say thank you to the GCA team for what was a very well-managed process and an excellent result for ATG and its shareholders. GCA helped us take ATG’s pitch to a new level and handled the process with skill and professionalism. A great team to work with and we were happy to have picked GCA. Thank you!” said John-Paul Savant, CEO of ATG.
Tom Wrenn, Partner at ECI Partners added “We are thrilled to have been a partner with ATG through its growth over the past five years, and are excited to welcome TA Associates as an investor in the company. I’d like to thank GCA for their efforts and guidance. GCA handled the process expertly, creating a great result for the shareholders – and a 3.7x money multiple for ECI!”.
James Craven, Managing Director at GCA Altium commented “We ran a multi-track trade, private equity and IPO process in parallel in order to maximise options for ATG and ECI Partners. TA emerged as the best partner and, through the combination with Proxibid, a true global marketplace leader is being created”.