Paddle8 announces new investor to lead buy back from company
“We are thrilled with the opportunity to further expand our brand and business”
NEW YORK, January 18, 2017 — Today, Paddle8 Inc. announces an agreement in principle to support a fully-funded buy back of the Paddle8 brand and business from Berlin-based parent company Auctionata Paddle8 AG, sponsored by a market-leading investor group and supported by the management team. Since joining forces with Auctionata Inc. last May, Paddle8 has continued to evolve positively through 2016, driven by both Paddle8’s for-profit auction and Paddle8’s charity businesses. Led by a strategic, majority sponsor, the investor group is excited to support and fund Paddle8’s original founding team and management to accelerate Paddle8’s growth momentum and expand Paddle8’s market position. Under the new agreement, the investor group and the Paddle8 management team will also acquire the assets of Value My Stuff in the UK. The agreement is still subject to full legal review.
“We are thrilled with the opportunity to further expand our brand and business,” states Paddle8 management. “The next chapter for an independent Paddle8 will be an exciting one, and we look forward to working closely with our new partners to grow our key categories, as well as to execute on expansion and new opportunities”.
Servicing collectors worldwide, Paddle8 has offices in New York, London, Los Angeles, and Hong Kong. The platform combines the taste and trust of a traditional auction house with the efficiency and global reach of internet and mobile to create a destination that makes it simple for collectors to buy and sell art and collectibles.
Paddle8 2016 sale highlights include:
• Paddle8’s marquee category Post-War and Contemporary which achieved an impressive sell through rate of 114% by value in its November sale.
• Paddle8’s October benefit sale of the Robin Williams Bicycle Collection saw 100% sell through rate that more than doubled its high sales estimate and raised more than $600,000 for charity.
• Paddle8’s sale benefitting the Hong Kong Contemporary Art Foundation (HOCA) with 120% sell through rate by value and exceeding pre-sale estimates.
• In 2016, Paddle8’s benefit auction business raised an aggregate of $16 million for charity and achieved a major milestone of reaching its 1000th charity auction in December.
Key hires were made in 2016, including tenured specialists who are highly regarded in their respective fields, including Post-War and Contemporary, Photography, Collectibles and Single Owner Sales.
More details on Paddle8’s separation will be forthcoming.