Ashurst advises Pickles on sale of Pickles Auctions

Global law firm Ashurst has advised Pickles Auctions Pty Ltd (Pickles), the Pickles family (majority owners) and other shareholders on the disposal of all of their interests in Pickles Auctions, Australia's leading marketplace for vehicles, industrial, and salvage assets to funds advised by Apax Partners LLP (Apax), a global private equity firm. The transaction is expected to complete before the end of the year.

Pickles has been family-owned since 1964 and the decision to bring in investment from Apax was made by existing shareholders to realise a portion of the value they helped create to date, as well as providing the business with a capable new majority owner in Apax.

Apax has a strong track record of investing in online marketplace businesses, and someone the Pickles family and management believe has the capacity and expertise to fuel future growth and digitisation of the business.

Pickles family members and key management will retain a minority interest in Pickles following completion of the transaction, and the executive leadership team will remain unchanged.

The Ashurst team was led by partner Anton Harris and included senior associate John Nielsen and associate Maggie Skow (Corporate Transactions), partner Emma De Carle and associate David Chong (Finance, Funds and Restructuring), and partner Jane Harvey and associate Ruby Wade (Employment).