The auction house Pickles is drawing interest primarily from private equity firms in a competitive sale process valued at approximately A$1.5 billion. This development follows the recent completion of a separate transaction last week, in which Texas-based auctioneer Copart acquired ACV Auctions for US$1.9 billion.
Copart, which positions itself as a leading digital automotive marketplace serving dealers and commercial clients, stated that the acquisition of ACV Auctions would expand its vehicle resale capabilities and strengthen its market presence across the full vehicle lifecycle. The company, advised by Evercore, described the deal as a significant milestone but analysts suggest Copart is unlikely to pursue another major acquisition in the near term, citing potential shareholder resistance.
The sale of Pickles Auctions is being handled by investment bank Barrenjoey. Among the interested buyers are several private equity firms, including Warburg Pincus (advised by Goldman Sachs), Pacific Equity Partners, EQT (advised by UBS), and Blackstone. These bids come from established players in private equity, aiming to leverage Pickles’ position in the Australian market.
Pickles Auctions, headquartered in Australia, operates approximately 25 branches nationwide and specializes in motor vehicle sales, purchases, and valuations. The company’s operations are segmented into motor vehicle auctions—covering sub-brands such as PicklesCars, PicklesSalvage, PicklesIndustrial, and PicklesGoods—and a suite of national services. These national services encompass finance, insurance, warranty, roadside assistance, transport, advisory, vehicle valuation, trade-in, and capped-price servicing options.
The business was owned by the Pickles family from its founding in 1964 until it was acquired by British private equity firm Apax Partners in 2022 for roughly A$250 million. Apax still retains ownership but is now looking to divest its stake. Tim Pickles remains involved as executive chairman, while Bruce Maclennan serves as the chief executive. Under their leadership, Pickles expanded in 2019 by launching Pickles Mining, which provides asset valuation and disposal services tailored to the mining, construction, civil, and industrial sectors.
According to IBISWorld, Pickles generates about A$130 million in annual earnings before interest, tax, depreciation, and amortization (EBITDA), underscoring its financial appeal to potential acquirers. The ongoing sale reflects broader consolidation trends within the vehicle auction and asset disposal sectors, as firms seek to diversify their service offerings and capitalize on digital platforms.