Primus Capital has made a growth capital investment in Proxibid, an online marketplace for buying and selling highly valued items. The capital from Primus will be invested in product development and sales and marketing initiatives.
Proxibid’s online platform connects buyers and sellers across 15 categories that include heavy equipment; industrial machinery; real estate; fine art, antiques and collectibles; classic cars and more. Annually, approximately $3 billion in inventory passes through Proxibid via live and timed auctions, and “buy now” or “make an offer” transactions. Proxibid recently announced a partnership with eBay that will allow Proxibid’s inventory to be represented to eBay’s 157 million buyers. The company was founded in 2001 and is headquartered in Omaha, NE with offices in South Sioux City, NE and London, UK (www.proxibid.com).
Primus invests in companies within the healthcare, software, technology‐enabled services, and education industries. Transaction types include management-led buyouts, control and non-control recapitalizations and growth equity investments. The firm was founded in 1983 and is investing through Primus Capital Fund VII, a $353 million fund closed in 2013. Primus is based in Cleveland (www.primuscapital.com).
“The expertise Primus brings in financial technology and software solutions will be extremely valuable as we continue to expand our product offering,” said Ryan Downs, President and CEO of Proxibid. “Primus understands our vision for the future, and will help us execute new strategies, allowing our business to realize its true potential. We are looking forward to working with the Primus team as we move ahead.”
© 2015 PEPD • Private Equity’s Leading News Magazine • 8-17-15