Travers Smith LLP has advised TA Associates on its acquisition of Auction Technology Group (ATG) a leading online platform for auctions across Europe and the United States, from ECI Partners (ECI) and Proxibid, an online marketplace for connecting buyers and sellers across North America, from Primus Capital (Primus).
The companies will be brought under the ATG umbrella with headquarters in London, but retain substantial operations in Omaha, Nebraska where Proxibid is headquartered. As part of the transaction, ECI reinvested in the combined entity and now holds a minority stake.
Morgan Seigler, a Managing Director at TA Associates: “TA Associates is excited to bring together these two profitable and growing online businesses. “With their similar business models, technology and culture, as well as complementary geography and sector focus, we believe that Proxibid and ATG are an excellent match. In collaboration with ECI, we will aim to expand the businesses through both organic and acquisitive growth, and accelerated international expansion.”
The Travers Smith team was led by Co-Head of Corporate and Private Equity & Financial Sponsors Head and Partner, Paul Dolman and Private Equity & Financial Sponsors Partner, Ian Shawyer. Paul and Ian were assisted by Senior Associates Jessica Kolhorn and Katie McGarry and Associate Hattie Langworth. Finance advice was provided by Finance Partner Donald Lowe, assisted by Senior Associate Will Sheridan and Associate Michael Leadbeater. Tax advice was provided by Partner Simon Skinner and Associate Hugh Brooks.
Brian Lenihan (Partner) and Rebecca Wilsker of Choate, Hall & Stewart LLP provided US law advice to TA.