Momart International has been acquired by Falkland Island Holdings plc
Arrowpoint Advisory announces that it has advised the shareholders of Momart International, the market leading fine art logistics and storage company, on its £10.27m ($20m) sale to Falkland Islands Holdings plc, the international services group. The company was acquired for a mixture of cash, deferred consideration and shares in FIH.
Momart was established in 1971 and has grown steadily to become a globally-respected logistics group focused exclusively on the storage, transportation and installation of fine art. The artwork ranges from paintings to sculptures to complex installations into, out of and within the United Kingdom. Momart is an acknowledged authority on the handling of fine arts and antiquities. Its expertise with fragile, rare, valued and monumental objects has made it one of the largest specialists world-wide.
The company is a trusted partner of choice for many major art institutions, galleries and artists in the UK and across the globe, including The Royal Academy, Tate, The National Gallery, The British Museum, The Metropolitan Museum of New York, National Gallery of Art, Washington DC and the Pompidou Centre, Paris. The business also cares for artworks on behalf of world-famous artists including Damien Hirst and Antony Gormley.
Following the acquisition, key management and staff will continue to work within the FIH group to drive its continued expansion, particularly in rapidly growing overseas markets.
David Hudd, Chairman of Falkland Islands Holdings plc, comments: “I am delighted that we have been able to acquire Momart, which is a high quality business with a strong management team and is a good cultural fit with FIH.”
Jeremy Furniss, Managing Director at Arrowpoint Advisory adds: “The UK art logistics and storage market is estimated to be worth approximately 85 million and its growth is being driven by: the internationalisation of the art market; the re-distribution of wealth around the world; and the trend for out-sourcing art logistics. We are delighted to have worked with Momart's shareholders and are confident that this deal is a very positive move.”