Boston-based private equity firm becomes majority shareholder of LiveAuctioneers

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Cove Hill Partners bought a majority stake in the leading online auction platform, LiveAuctioneers, earlier this month.

 

Founded in 2002, the platform broadcasts thousands of live auctions annually and auctions millions of items worldwide, including art, antiques, jewelry and collectibles. LiveAuctioneers explained the sale will “accelerate investments in innovation to reach new bidder audiences and expand technology solutions for sellers,”.

 

Phil Michaelson, LiveAuctioneers’ CEO said Cove Hill Partners’ “long-term capital commitment provides us with the platform to invest in additional capabilities. The additional funding will enable faster time-to-market for functionality and services that accelerate our auction-house partners’ online sales growth and simplify their operations.”

 

It seems both parties are enthusiastic about the investment and the future of LiveAuctioneers. Cove Hill Partners Co-Founder and Managing Director Zack Kaplan said, "after surveying the landscape of businesses across the industry, the decision to partner with Phil and LiveAuctioneers was clear.”