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...]
New Offer for PSA Parent Company: $853 Million
An investor group looking to purchase the parent company of PSA has upped its offer. The group, led by avid collector and entrepreneur Nat Turner and Cohen Private Ventures, announced Wednesday that they’ve entered into an agreement to purchase all outstanding shares of Collectors Universe for $92 per share. That represents a sizeable increase from the $75.25 … [Read more...]
PSA Parent Company Agrees to $700 Million Buyout Offer
Collectors Universe, parent company of PSA, is being sold to an investor group led by entrepreneur and sports card collector Nat Turner for approximately $700 million. D1 Capital Partners L.P., and Cohen Private Ventures, LLC will acquire all of the Company’s outstanding shares of common stock for $75.25 per share in cash. Cohen Private Ventures is oversees … [Read more...]
PSA Tallies Hiring Numbers; Adds Recruiter
PSA says it has now hired 86 full-time employees since April. The company has been ramping up efforts to deal with a still-growing backlog of customer submissions and a continuing influx of new business. In an email to customers Wednesday, company president Steve Sloan stated that the new hires were made in receiving, order entry, research, grading and sealing. “Our … [Read more...]
Notes: PSA Drives Record CU Revenue; 1966 Topps High Number Cello Packs; Rare Card Surfaces; Talking Ali
Collectors Universe, parent company of PSA, reported another quarter of record revenue on Monday. The publicly traded grading and authentication company released figures from the first quarter of fiscal 2021, which included a 52% hike in revenues to a record $30.8 million. Total revenues increased $10.6 million, or 52% year-over-year, to $30.8 million in the first quarter of … [Read more...]
Notes: More on Miller T206 Collection; CU Stock Soars; PSA 10 Bird-Magic, More
Bidding is humming along in the auction for a high-grade T206 set owned by collector E. Powell Miller. The Detroit area attorney’s collection is getting an auction all to itself and rightfully so. It turns out he had a Honus Wagner and the Doyle variation but sold both of them to collector Ryan Hotchkiss not long ago. He won’t be completely T206-less when the auction is … [Read more...]
PSA Parent Leasing More Space for Expansion Project
Collectors Universe, parent company of PSA, will be expanding its existing headquarters and operations facility by an additional 62,870 square feet as the company pushes forward with plans to add automation to its grading and authentication procedures. CU has entered into an agreement with its landlord to occupy more space adjacent to its current facility at Pacific Center … [Read more...]