KWM represents funds advised by Apax on milestone acquisition of Pickles Auctions

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King & Wood Mallesons (KWM) has supported funds advised by Apax Partners LLP (Apax) with the acquisition of a majority interest in Pickles Auctions Pty Limited – Australia’s leading marketplace for vehicles, industrial and salvage assets. The Pickles family, which has owned the business since 1964, will retain a minority interest going forward and the current executive leadership team will remain in place.

The transaction is the first acquisition in Australia by the relevant Apax funds and aligns with Apax’s extensive experience investing in and operating leading online marketplaces in other markets, such as New Zealand’s Trade Me. Apax intends to leverage its expertise in digital transformation to accelerate Pickles Auction’s digitalisation journey and fuel future growth.

Apax was advised jointly by Kirkland & Ellis, led by Partners Srinivas Kaushik and Adam Clifford (Corporate), in the US and by a KWM team led by Partners Lee Horan and Matt Coull (Private Equity) and Special Counsel Jared Nickig (Private Equity). Cross-practice assistance for the KWM team came from the Banking and Finance, Employment, Environment and Planning, Intellectual Property, Real Estate and Tax practice groups.

Additional support was also provided by Anderson Lloyd in New Zealand and Lim Jo Yan & Co in Malaysia, with KWM’s Singapore office assisting with coordination of foreign counsel.

Commenting on the deal, Lee Horan said “We’re delighted to have assisted Apax in making its first investment in Australia into a well-known brand that is undergoing a significant digital transformation.”

Completion of the acquisition is expected to occur before the end of 2022.

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