Alex Fortescue, the managing partner of the London-based private equity firm Epiris, which owns Bonhams, died last week, aged 55. He was on the auction house's board, representing Epiris, a Bonhams spokesperson says.
His death was confirmed by Epiris in a statement: "It is with profound sadness that we announce the death of our friend, colleague and managing partner, Alex Fortescue, on Friday [17 May]. Alex was an exceptional individual whose vision and ambition brought out the best in those around him. His leadership has been instrumental in building the team and firm of which we are all immensely proud. We will sorely miss his energy, his presence and his friendship."
Fortescue reportedly died following "an incident while cycling". He is survived by his wife and three children. Bill Priestly has now been appointed Epiris's managing partner.
Epiris wholly bought Bonhams in 2018 for an undisclosed sum. Under its ownership, Bonhams has pursued an expansion strategy of acquiring smaller, regional auction houses such as France's Cornette de Saint Cyr, Rasmussen in Denmark and Skinner in New England. Last year, reports emerged that Epiris was floating a sale of Bonhams at $1bn.
At the time of Epiris's acquisition, Fortescue said: "We are thrilled to announce the acquisition of Bonhams, which is Epiris Fund II's fourth investment. We have taken a selective approach since the fund was raised, and have been assembling a portfolio of exciting investments, each of which fits our transformative strategy. Investment activity levels remain high and we look forward to adding further to the portfolio at the appropriate time."