As part of the transaction, the Company will also gain new expertise and resources with the addition of Edward Roberts' Founder and CEO Edward Robert Brooks, who will oversee Acker Merrall's new Midwest operations.
"With Chicago representing the second largest wine market in the U.S., this transaction demonstrates both our commitment to the U.S. market and our determination to maintain and build on our worldwide leadership position," said John Kapon, CEO of Acker Merrall & Condit.
"We're confident that we'll continue to lead through this and other ongoing innovations and strategic partnerships. We look forward to adding the experience and knowledge of Edward Brooks to our growing family, and our own unique spice to one of the world's great wine cities."
The transaction represents Acker Merrall's first market expansion since entering Asia in 2008, when Acker Asia held the region's first rare wine auction by a major house in Hong Kong.
|Acker's last expansion was into Hong Kong, which has gone rather well|
In 2010, Acker Asia auctioned over US$63 million of fine and rare wine, its third consecutive year as the leader in Asia. Acker Merrall has been the global wine auction market leader five out of the last six years.
"I've long admired what John Kapon and Acker Merrall have achieved, and I'm honored and excited to join the firm. I look forward to making a meaningful contribution as the company achieves ever-greater success," said Edward Brooks.
Acker Merrall will host its first major auction in Chicago on October 22, 2011 and be able to receive wine in Chicago beginning July 5th at Domaine Wine Storage, one of America's leading companies for wine storage and fulfillment, a place that understands wine to the last drop.
Marc Lazar, President of Domaine, noted, "Chicago has been a world-class wine city since before the inaugural Heublein auctions many decades ago.
"Having the world's largest wine auctioneer coming to town is a tremendous endorsement of our market, and will bring further recognition to the exceptional cellars and consignments from the Midwest.
"As the leading provider of wine storage and logistics services, we are honored to work with Acker on their Chicago auctions."
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