Long-term-oriented Cove Hill Partners LP, which backs technology and consumer companies, made a strategic investment in Live Auctioneers LLC, or LiveAuctioneers.
The transaction, completed in May, resulted in Cove Hill becoming a majority shareholder of the online live-auction source for fine and decorative art, antiques, jewelry and vintage collectibles.
LiveAuctioneers said it will use the new capital to invest deeper in auction-house technology solutions, including mobile advertising, custom websites, inventory management and after-sale processes.
Phil Michaelson will remain CEO of LiveAuctioneers and Executive Chairman Jason Finger will remain on the company's board.
Harris Williams and DLA Piper advised LiveAuctioneers, and Ropes & Gray LLP and PricewaterhouseCoopers represented Cove Hill.