Management Team Buys Out Philly’s Freeman’s

Katya Kazakina has the story of Philadelphia’s Freeman’s changing hands as the senior management buys out the family that has owned the business for several generations:

Freeman’s, the oldest U.S. auction house, is changing ownership for the first time after more than two centuries in business.

Three senior managers, who have led the company’s turnaround since 1999, are buying out the family that has owned the auction house since founding it in 1805, according to a statement from the company. Terms weren’t disclosed.

The Freeman family will maintain a minority interest. The transaction includes the transfer of the Freeman’s headquarters at 1808 Chestnut St. in Philadelphia, where the company will continue to operate.

Freeman’s, Oldest U.S. Auction House, Sells to Ensure Survival (Bloomberg Business)