Private equity firm ECI Partners has sold online auction platform Auction Technology Group (ATG) to private equity firm TA Associates, generating a 3.7x return on investment.
ATG is based in London and has over 140 employees. Its platform powers live and timed auctions across multiple markets including Art and Antiques, Classic Cars, Industrial & Commercial, and Consumer Retail Returns, and is used by more than 1600 auctioneers globally.
The business is being combined with Proxibid, an online marketplace in the US which TA Associates is acquiring at the same time.
Tom Wrenn, Partner at ECI Partners, said: “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. Market dynamics and the expected increases in online auction penetration will provide a strong backdrop for the continued growth of ATG’s digital marketplaces.”
John-Paul Savant, CEO of Auction Technology Group, added: “The auction market is at a unique point in its evolution, benefiting on one hand from transformations in online selling technology and on the other from the growing trend for buyers to seek unique and second use items. Combining ATG and Proxibid 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.”
