On the 17th of March 2022, MVI Fund II AB signed an agreement for the sale of its portfolio company PS Intressenter AB and its subsidiaries (“PS Auction” or ”PS”), a leading Swedish online auction platform, to TBAuctions (“TBA”), majority owned by fund(s) managed by Castik Capital, and its co-investor Summa Equity.
PS Auction, founded in 1958, provides high-quality services within the Scandinavian auction and circular economy market. The company is present in Sweden, Finland, Denmark, and Estonia, helping customers sell goods from bankruptcies, divestments or surpluses and returns. MVI invested in PS Auction in September 2020, and swiftly executed on the business plan with the add-on acquisitions of Units/Slag1 in June 2021, increasing the sales force driving the Divestment segment, strengthened the management team and logistic center, laying a foundation for the rapidly increasing Surplus & returns segment.
The divestment stems from MVI’s various M&A-dialogues in the Nordics, which developed into a strategic partnership to consolidate the Nordic auction market under the TBAuction umbrella. The TBA group is majority owned by Castik Capital, a Munich based Private Equity Fund. In conjunction with the deal, Europe’s largest impact fund, Summa Equity, is joining as a minority shareholder of TBA.
TBA is one of the largest online auctioneers in Europe, operating through the brands Troostwijk Auctions (B2B), BVA Auctions (B2C), Belgian brand Vavato and British Medical Auctions. In recent years, TBA has made significant investments in the development of its state-of-the-art and scalable technology platform “ATLAS”, allowing companies to scale and integrate seamlessly, to which PS Auction and Auksjonen will be integrated. PS Auction and Auksjonen will continue to operate with their own brand and online storefront while sharing learnings and collaborations, e.g., within Surplus & returns segment as well as logistics related to handling of cars.
"Circular business models are more relevant than ever. Companies are investing heavily in their efforts to become increasingly sustainable. Auction houses were late on joining the digital train and have been more of an enthusiast phenomenon, but with a business model which is circular, countercyclical, and digital, the auction houses are now very much the future for circular trade. As the auction industry is becoming increasingly digitalized, it is vital to become a player of size. PS Auction has taken several steps of its growth journey together with MVI, and recent add-on acquisitions it has put the company in a position of market leadership.
When PS, together with Auksjonen in Norway, become part of the TBAuctions Group we solidify the position of leadership, with the ambition of operating on the same platform and offering a very attractive marketplace for buyers and sellers. We aim to be the best partner for our customers, but also the most attractive company to work for. We are very much looking forward working together with our new colleagues knowing that we share the same DNA: Fully useful products must never be wasted again.” – Per Henriksson, CEO of PS Auction
Along with the divestment, MVI Fund II AB will reinvest in the TBAuctions group where MVI sees a significant opportunity in joining Castik and Summa in the further consolidation of the online auction market in Europe.
Wigge & Partners (Legal) advised MVI Advisors in the transaction, otherwise the deal team handled the process in-house. Closing of the transaction is aimed by end of April, subject to approval from the authorities and works councils.