Pemberton Asset Management, a European private credit manager, has acquired Bonhams from private equity firm Epiris for an undisclosed sum, marking the latest ownership change for the 232-year-old auction house.

The news was shared in an internal email from chairman Hans-Kristian Hoejsgaard and comes with immediate leadership shake-ups. Global CEO Chabi Nouri and chief commercial officer Céline Assimon, both based in London, have left the company.

Swiss-born Nouri, who joined in August 2024 after senior roles at Piaget and the Mirabaud Group, was brought in to lead Bonhams through a new phase of digital expansion and regional growth. Assimon, who arrived from De Beers in May, had an even shorter stint.

Seth Johnson has been appointed as Bonhams’ new CEO. He is joined by Liese Thomas as chief financial officer and Jennifer Babington as chief operating officer. Two Pemberton partners, Chris Ellerker and Mohit Agarwal, will take seats on the board, replacing Epiris representatives.

The sale follows Epiris' failed attempt to take Bonhams public in 2023. The British private equity firm, which acquired the auction house in 2018, had reportedly sought a valuation of around US$1 billion through JPMorgan Chase, but the IPO ultimately collapsed.

During its ownership, Epiris oversaw a period of aggressive expansion at Bonhams, acquiring a string of regional auction houses including Bukowskis in Sweden, Skinner in Boston, Bruun Rasmussen in Denmark, and Cornette de Saint Cyr in France. The acquisitions brought Bonhams' global footprint to 14 salerooms, with a sprawling portfolio of over 60 collecting categories, from classic cars and jewelry to Buddhist art and antique arms.

The spree appears to have paid off. Bonhams’ revenues crossed the US$1 billion mark for the first time in 2022, and rose to US$1.14 billion in 2023 – a 14 percent year-on-year increase, making it the most profitable year in the company’s history. 

Meanwhile, Bonhams’ strategic positioning on the mid-market – works priced under US$10 million – has proven resilient amid broader market turbulence driven by economic and geopolitical uncertainty. The high-end segment (US$10 - 100 million) contracted by 45.5 percent, compared to just 12.5 percent for works under US$1 million, where Bonhams’ diversified platform is particularly strong. 

Pemberton Asset Management, which has been a lender to Bonhams since 2022, describes itself as delivering "risk-adjusted attractive returns" for a global investor base that includes insurance companies, pension funds, sovereign wealth funds, and family offices. The firm is backed by Legal & General, the UK's largest insurance company. 

“Epiris’ investment cycle came to an end,” Bonhams said in an email, “and it became clear that a new owner would be best placed to support the business through its next phase.” The auction house pointed to Pemberton’s experience with portfolio companies in adjacent sectors, as well as its track record in repositioning iconic brands, as reasons it was well-suited for the transition.

Bonhams also noted that Pemberton’s assets under management are roughly eight times larger than Epiris’, offering “the scale, stability, and partnership needed to support the next chapter of our evolution.” 

The transaction, the company said, marks a defining moment for the business – eliminating its debt overhang and bringing “balance sheet strength and strategic flexibility.” The new leadership team is described as having a proven track record with companies that serve high-value clients during periods of change, and is expected to build on Bonhams’ heritage while leveraging its in-house expertise.

Alex Lejeune, Bonhams’ current CFO and COO, will stay on through the end of the year to support the transition.