Family-owned Australian auctions house Pickles Auctions is headed for a stint in global private equity with British firm Apax Partners.
Family-owned Australian auctions house Pickles Auctions is headed for a stint in global private equity, with British firm Apax Partners.Pickles, best known for selling ex-government and leased vehicles, and Apax Partners are understood to have agreed the transaction, and are set to announce it to staff and key customers.Pickles started as a stock and station agent in 1964 and is now best known for its used car auctions.
The company has 27 branches nationally, sold more than 228,000 vehicles and $460 million in transport and construction equipment last year.Pickles is majority owned by founder Peter Pickles and his son, former Pickles Auctions CEO and now advisory board executive chairman, Tim Pickles, according to documents filed with the corporate regulator.New Zealand online auctions business Trade Me
, in a $2.5 billion buyout. It is a significant player in private equity globally, with more than $US60 million in funds raised. Pickles Auctions last filed accounts for the 2020 financial year, when it reported $488 million revenue and a $28 million post-tax profit. It had 800 employees at the time.co-edits Street Talk, specialising in private equity, investment banking, M&A and equity capital markets. He has 10 years' experience as a business journalist and worked at PwC, auditing and advising financial services companies.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Next Capital ready to drive away with Jucy RentalsIt’s down to the short strokes in buyout shop Next Capital’s quest for a piece of Australia and New Zealand’s tourism markets.
Read more »
Kerr's heir apparent is Matildas' 'next big thing'Young Matildas sensation Mary Fowler has been described as Australian women's football's 'next big thing', says football great Sam Kerr. WWOS
Read more »
ASIC fears delay to Abrdn, Hub24 digital advice forayGlobal fund manager Abrdn’s digital financial advice project with local firm Hub24 has stalled despite verbal agreements with more than a dozen wealth firms.
Read more »
‘I’m being intruded on and harassed’: Barilaro speaks after scuffle with cameramanIn footage of the incident, Barilaro can be seen pushing the cameraman and his camera away from him before walking away and waiting at the traffic lights to cross the road.
Read more »
Ramsay St to the world: The Neighbours who owe their careers to a TV soapEveryone knows Neighbours launched the careers of Kylie Minogue, Jason Donovan, Guy Pearce, Delta Goodrem and Margot Robbie. But the show’s role as a training ground and springboard goes well beyond Ramsay Street’s most famous former residents | karlkwin
Read more »
Ramsay St to the world: The Neighbours who owe their careers to a TV soapEveryone knows Neighbours launched the careers of Kylie Minogue, Jason Donovan, Guy Pearce, Delta Goodrem and Margot Robbie. But what about the thousands of other people who worked on the show? | karlkwin
Read more »