Noble Investments makes auctioneer acquisition
London-based Noble Investments have acquired The Fine Art Auction Group Limited (TFAAG), in a deal worth up to £5.48m.
The specialist auctioneer that deals with medals, stamps and rare coins have secured a deal to buy TFAAG with a deferred consideration of £2.73m, dependent on the firm achieving material growth in the year ending August 31, 2013.
TFAAG, which comprises Dreweatts and Bloomsbury, reported turnover of £6,800,690 and profit before tax of £525,772 in 2011.
Two senior executive offices of TFAAG, Stephan Ludwig and Peter Floyd, have joined the board of Noble as executive director and group finance director respectively.
Managing director Ian Goldbart said: “I am delighted that we have completed the acquisition of TFAAG. The combination of the Dreweatts, Bloomsbury, Apex Philatelic and Baldwin’s brands creates a significant force in the auction market and dramatically expands Noble’s current product range and in-house team of specialists. TFAAG’s auctions comprise the key disciplines of antique furniture, traditional and contemporary art, jewellery, watches, silver, antiquarian books, ancient and modern manuscripts, Asian and European ceramics and a comprehensive range of collectibles.
“The enlarged Group, including our existing overseas auctions in New York and Hong Kong, produced well over £50m in hammer during 2012. I would like to take this opportunity to welcome Stephan and Peter to the Noble board and look forward to working with them in the future as we build upon recent achievements.”
Stephan Ludwig, TFAAG’s Executive Chairman, also commented: “Noble’s acquisition of Dreweatts and Bloomsbury Auctions delivers a UK ‘top 5’ generalist auctioneer as well as a market leading presence in the rare books and works on paper sector.
“I am thrilled to be joining this dynamic group and exploring the unrivalled potential our complementary businesses have to diversify the range of services we can provide to our customers. As the only publically listed auctioneer of fine art and collectibles, Noble is well placed to exploit its market position.”