LONDON, UK: Apax X Fund has signed a definitive agreement to acquire Pickles Auctions, a leading auction marketplace in Australia.
The transaction is expected to close by Q4 2022, subject to customary closing conditions.
Privately owned since 1964, Pickles Auctions is one of Australia’s leading marketplaces for transport, construction, mining, aviation, vehicles, general goods and salvage assets.
The company operates trusted marketplaces offering thousands of quality assets every week across c.150 auctions a month, and works with major clients including the Australian government, state governments, financial institutions, banks and not-for-profit organisations.
Apax’s significant global experience in online marketplaces (a sub-sector of Apax’s Internet/Consumer practice), ideally positions it to partner with Pickles’ management team to accelerate the Company’s digitalisation strategy and fuel future growth.
Apax Global Alpha Limited (AGA) is a Guernsey registered closed-ended collective investment scheme incorporated as a non-cellular company that listed on the London Stock Exchange on 15 June 2015. It is regulated by the Guernsey Financial Services Commission.
AGA’s objective is to provide shareholders with capital appreciation from its investment portfolio and regular dividends. The Company is targeting an annualised Total Return, across economic cycles, of 12-15% (net of fees and expenses) including a dividend yield of 5% of Net Asset Value.
The investment policy of the Company is to make Private Equity investments in Apax Funds, and Derived Investments which are investments in equities and debt derived from the insights gained via Apax Partners’ Private Equity activities.