Fasig-Tipton has reached an agreement to be acquired by Dubai-based Synergy Investments, it was announced April 10. Synergy Investments is headed by Abdulla Al Habbai, a close associate of Sheikh Mohammed, the ruler of Dubai.
“We are delighted to be acquiring Fasig-Tipton,” Al Habbai said in a statement. "The company has a long history of service to the North American Thoroughbred industry and has demonstrated significant growth in recent years. We believe there is potential for continued growth and superior levels of service in the future.
Said D.G. Van Clief Jr., Fasig-Tipton board chairman: “John Ferguson approached us to suggest Synergy might be interested in acquiring the company. Our agreement includes an understanding that Fasig-Tipton will be operated in a manner consistent with the principles of integrity, customer service, and industry service which have been so critical to our success since controlling interest was obtained by the Hettinger family in 1991. Those assurances were critical to John and his son Bill Hettinger, and our entire board of directors, in agreeing to this transaction.”
In the same statement, John Ferguson said: “Synergy looks forward to building on the legacy which the Hettinger family’s support has enabled Fasig-Tipton to achieve. They plan a seamless transition which includes the retention of current staff and management. Moreover, Synergy plans to devote future operating surpluses to higher levels of customer service and renewed efforts to promote North American racing and breeding.”
Founded in 1898, Fasig Tipton is North America’s oldest Thoroughbred auction company. It currently conducts auctions in Lexington, Ky., Saratoga Springs, N.Y., Timonium, Md., Miami, Fla., and Grand Prairie, Texas.