Just yesterday, Samuel M. “Beau” Freeman II announced that the country’s oldest auction house would have a transfer of controlling interest.
Since its establishment in Philadelphia in 1805, Freeman’s Auctions has seen some of the greatest works of art and the most important historical artifacts pass through its doors. After over 200 years of operation, a new chapter in its story will be written soon. The auction house reported yesterday, “The Freeman family will maintain a minority interest in the company and Beau Freeman will continue in his role of Chairman of the Board of Directors. The transaction includes the transfer of the Freeman’s location at 1808 Chestnut Street, Philadelphia where the company will continue to operate. It is anticipated that the closing of the transaction will occur within the next several weeks.”
Financial terms of the deal were not disclosed to the public, but reports suggest the move supports the company’s growth strategy and mission. Alasdair Nichol, vice chairman, said, “We have ambitious plans to build the next chapter in Freeman’s storied history as we continue to elevate the brand both nationally and internationally. Our leadership team’s plan includes continued expansion throughout North America as well as internationally, enhancing our historic home at 1808 Chestnut Street in Philadelphia, and a focus on technology and marketing. We are extremely grateful to the Freeman family for their confidence in us, entrusting us with an invaluable family asset.”
To learn more, visit Freeman’s.
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Management Buyout at Freeman’s
