European investment manager Colony IM has entered into exclusive negotiations with renowned art gallery Perrotin to acquire a 60% stake in the company.
The gallery’s founder, Emmanuel Perrotin, would retain 40% of the capital.
The terms of the deal were not disclosed, and the transaction should be completed in H2 2023.
This is Colony IM’s first investment in an art gallery and it will support Perrotin’s long term growth plans for expansion into new locations.
Perrotin has two venues in the French capital, in the Marais district and on Avenue Matignon, totaling close to 3,000 m2 of exhibition space.
It also has 10 galleries in global art hubs, including Hong Kong, New York, Tokyo, Seoul, Shanghai, Dubaï and Los Angeles.
Nadra Moussalem, chairman and CEO of Colony IM, said: ‘We are always exploring new investment sectors and thrive on helping companies to achieve their full potential. Emmanuel Perrotin and his team have developed an exceptional gallery business over the past 30 years with a presence across three continents, representing a range of remarkable artists. The partnership we are considering today with Perrotin is the result of a shared vision with Emmanuel Perrotin, aimed at long term growth and expansion of the business. We are convinced that contemporary art represents a highly promising asset class for the future.’
Emmanuel Perrotin, chairman of Perrotin, added: ‘The association we are announcing today is the culmination of more than 30 years' work by a loyal and committed team in the service of extraordinary artists who have grown up with the gallery. I am convinced that Colony IM is the ideal partner to accompany us in a new stage of this collective adventure, to which I remain more committed than ever. This new impetus will enable us to further strengthen our existing expertise and develop new ones.’
Founded in 1990, Perrotin is ranked among the world's top six galleries in ArtReview's Power 100 ranking from 2022.
The gallery represents or collaborates with nearly 100 living artists and estates worldwide, including Takashi Murakami, Jean-Michel Othoniel, Sophie Calle, Claire Tabouret, JR, Daniel Arsham, Hans Hartung, and Maurizio Cattelan.
Archers was the transaction advisor for Colony IM, while Perrotin was advised by Altamoda and Darrois Villey Maillot Brochier.
