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...]
CSG Now Open for Grading Submissions
Seven months after announcing its intention to compete in the grading and authentication market for sports cards, Certified Collectibles Group announced Tuesday it was accepting submissions. CCG, a well respected grader of coins, paper money, comic books, magazines and concert posters, is launching the new service under the Certified Sports Guaranty (CSG) brand. The … [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...]
2020 Sports Collecting Year in Review
It was like one long Stefon skit from Saturday Night Live. 2020 had everything. Millennial artists doing weird things to famous rookie cards. A case break party at a football stadium. Babe Ruth in a baggie. Pre-War white elephants in Yahtzee boxes. Russian ransomware. Card shows during a raging pandemic. And the hobby's hottest nightclub … [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...]
Cardboard Gold’s President Provides Update on Card Saver Demand
Pandemics can cause some unusual supply shortages: toilet paper, hand sanitizer, and apparently…Card Savers. While not an essential item for living, they're among the collector necessities for grading and authentication, another industry that saw a drastic increase in sales volume during Covid-19. Prior to the shortage, card submissions were typically sleeved in “Card Saver … [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...]
Notes: PSA Still Overwhelmed, Making Moves; MJ 10 a Fractional Sellout; More
PSA says it has nearly doubled operating capacity through the first nine months of 2020 but the volume of submissions has doubled, too, and the company's gigantic backlog of orders is still growing. Earlier this year, PSA reported a backlog of nearly 1.5 million items and customer wait times for all but the highest level of services was well beyond advertised … [Read more...]
PSA Parent Company Adds 3 to Board of Directors
Collectors Universe, the parent company of PSA, has expanded its board of directors from five to eight members with three new additions. The company says the appointments are effective immediately. The move comes nearly three months after a private hedge fund that owns a significant piece of Collectors Universe wrote a letter to other shareholders in hopes of … [Read more...]
PSA Reports Record Quarter Despite Temporary Shutdown; Hoping Robotics Can Increase Efficiency
You're all grading a lot of cards. Collectors Universe, the parent company of PSA, reported record revenue for the final fiscal quarter and fiscal year of 2020 on Wednesday and it was the card and autograph authentication business driving most of it. Collectors Universe, which is also known for its coin grading division, reported fourth quarter revenues of … [Read more...]