Collectors Universe, parent company of PSA, announced Friday morning that Joe Orlando has resigned as CEO. Executive Chairman Nat Turner, who led a group to purchase the grading and authentication company early this year, will take over that role. Orlando first joined Collectors Universe in 1999. He was named President of PSA in 2002 and took on a larger … [Read more...]
Collectors Universe Expands to Video Game Grading with Acquisition of Wata
Collectors Universe, parent company of PSA, is expanding into the collectible video game industry with the acquisition of Wata Games. Wata is considered a pioneer in the video game grading realm. The acquisition of Wata marks the first major categorical expansion beyond trading cards, sports memorabilia and coins for Collectors Universe. Other Collectors Universe … [Read more...]
Collectors Holdings Acquires Goldin Auctions
The newly formed company that owns Collectors Universe, parent firm of PSA, is buying Goldin Auctions. Collectors Holdings, LP announced Thursday morning that is was acquiring the New Jersey-based auction company just a few months after it had received a $40 million investment from The Chernin Group and others. Collectors Holdings is owned by a group that includes … [Read more...]
PSA Grinds Away; Adds New Execs
The hobby’s largest grading company still isn’t ready to accept new orders but says progress on its massive backlog of submissions is continuing. PSA President Steve Sloan told customers Wednesday that its current suspension of most service levels “continues to be the right thing to do.” In late March, PSA shut down all but its highest levels of service after receiving … [Read more...]
PSA Again Expands Space to Increase Capacity
Collectors Universe, parent company of PSA, will be expanding its headquarters and operations facility by an additional 58,814 square feet to bring the total available space in Santa Ana, California to 184,439 square feet. CU is leasing the previously vacant office space. About half of it is adjacent to CU's existing facility and will be used for … [Read more...]
More People, More Tech, More Space: Nat Turner Outlines Plans for PSA
Spending time at his parents’ house in North Carolina last year as COVID-19 put the clamps on normalcy, Nat Turner was pondering his next move. The co-founder and CEO of Flatiron Health kept coming back to the hobby that occupied his newly expanded down time. “I was kind of thinking about what’s next and thought ‘how cool would it be to do something with cards?’” A few … [Read more...]
Collectors Universe Deal Complete; New Investors Include Collectors, Athletes
An investor group that includes not only wealthy businessmen but current and former professional athletes has completed its purchase of PSA’s parent company and installed one of its own as Executive Chairman of the company’s board of directors. Collectors Universe announced Monday that it had completed the $853 million deal that turns the company from public to … [Read more...]
Proposed Sale of PSA Parent Company Moves Ahead as Shareholders Accept $92 Offer
It appears the parent company of grading and authentication giant PSA will soon be privately owned. A majority of shareholders of Collectors Universe have agreed to tender their shares for $92 each, marking the acceptance of an $853 million bid by an investor group that includes entrepreneur/collector Nat Turner, New York Mets owner Steve Cohen and Charlotte Hornets minority … [Read more...]
Notes: Bloomberg on Hobby Topics; HOF Happenings; Heritage Hires Maddalena
Found money. Found big money. The hubbub over Michael Jordan rookie cards is going to put some cash into the pockets of folks who may have forgotten they had one. Bloomberg News caught up with one such 50-year-old in a story that also examined the financial ends of cards as alternative investments, the somewhat controversial buyout proposal for Collectors … [Read more...]
2 Collectors Universe Shareholder Groups Opposed to Revised Deal
The ante has been upped but at least two of the larger shareholders of Collectors Universe stock still don't believe it’s enough to support acceptance of a buyout deal. Sean Berger, President of Adirondack Retirement Specialists, which owns over 271,000 shares representing an approximate 2.9% equity interest in CU, is telling his clients he believes the parent company of … [Read more...]