Summa Equity joins as a shareholder in online auction platform TBAuctions to accelerate growth
Summa Equity partners with European private equity firm Castik Capital as co-investors in the Dutch online auction platform TBAuctions to accelerate its ambitions of becoming the leading European online auction platform to increase the reuse of goods.
Stockholm/Oslo/Munich: Summa Equity Fund III (“Summa”) joins as a shareholder in TBAuctions, a European digital auction platform for second-hand and second chance goods with presence across the Netherlands, Belgium, Germany, the UK, and the Nordics. The investment aligns with Summa’s focus on solving global challenges supporting the UN Sustainable Development Goals and fits within Summa’s Resource Efficiency’s subtheme Circularity & Waste and its Tech-Enabled Transformation theme.
As the transition to a circular economy is one of the most critical challenges to solve, TBAuction’s online auction platform directly addresses SDG #12 by enabling reuse and re-commerce of goods and extending the lifetime of goods. TBA offers end-to-end auction services from pre-sales to post-sales – allowing goods to be reused and extending their lifetime. The auction model contributes to circular consumption, meaning less energy is used, and fewer resources are depleted. Additionally, TBAuctions is supporting SDG #16 by contributing to reducing illicit financial flows, specifically targeting sub-targets #16.4 and #16.5. SDG #13 is indirectly contributed to as the above-mentioned effects positively impact the climate.
Simultaneously with the support from Summa and Castik Capital, the European ambitions of TBAuctions are further realized through intended acquisitions of the Swedish auction platform PS Auction and the Norwegian auction platform Auksjonen.no, and appraiser Bjarøy AS, both part of Bjarøy Gruppen. The signing was completed on March 17th, and the aim is to close the acquisitions by the end of April, subject to approval from the authorities and works councils. The growth ambition of TBAuctions, which will have a physical presence in ten European countries, is further strengthened with this acquisition. The brands Auksjonen and PS Auction will continue to operate with their own brand and online storefront under the multi-brand strategy.
Herberth Samsom, CEO of TBAuctions, said:
“The online auction market in Europe will show strong growth figures, and with our lead in technology we will play a prominent role in it. TBAuctions was recently acquired by funds managed by Castik Capital and is now further provided financially and strategically by shareholder Summa Equity. With these forces, we are accelerating our ambition to be the leading European online auction platform for second-hand and second chance goods.”
Michael Vollset, Investment Director at Summa Equity, commented:
“Summa is excited to partner with the TBAuction team together with Castik to accelerate the reused goods market through online auctions. We are impressed by the team’s journey and their purpose “nothing of value should be lost” – leveraging technology to provide a sustainable alternative to purchase new goods. TBAuction together with the Nordic companies Auksjonen, Bjarøy and PS Auction will grow and enable customers to buy and sell goods in an efficient, transparent and compliant way, at the same time extending lifetime of goods and reducing over-consumption of our natural resources.”
Arma Partners acted as exclusive financial advisor, Wikborg Rein as legal advisor, PWC as FDD and Tax advisor, BCG as commercial due diligence advisor, and Frank & Partners as ESG advisor to Summa Equity for the transaction.