Link with US-backed TAG sees new expertise teamed with strong local presence
A new intensity appears about to enter the commercial vehicles auction sector as Pickles Auctions links with Tiger Asset Group (TAG).
Under the deal, Pickles has made a strategic investment in newly arrived TAG.
Damian McCarthy, the former executive director at leading Pickles competitor GraysOnline, will continue to lead TAG.
“The deal was an obvious one for both parties,” McCarthy says.
“Tiger Asset Group offers a global brand, deep retail expertise, capital solutions and strong connections in the banking, finance and insolvency markets.
“Pickles has deep asset category expertise, a 22 site national footprint and significant manpower.”
TAG, the subsidiary of US asset appraisals and disposals firm Tiger Capital Group, specialises in the valuation and sale of industrial plant and equipment, retail closeouts, capital solutions and the management of insolvency asset sale programs.
Pickles CEO Bruce Maclennan will take a seat on the TAG board.
“We recognise a further opportunity to grow and develop our auction and valuation business through this strategic partnership,” Maclennan says.
“We have known Damian and some of the other Tiger Asset Group founders for many years and have taken the opportunity to invest in this exciting new venture, which compliments the already successful Pickles offering.”
Tiger Capital launched TAG a month ago saying it was responding to demand from restructuring, advisory, and private equity firms in this country and aiming to offer “consulting services, formal appraisals, asset disposition services and capital infusions for operating businesses ranging from mining and factory equipment to luxury retail inventories”.
It appears elements at GraysOnline found the initiative attractive, with several others also making the move.