Stack’s Bowers Galleries has entered into a definitive merger agreement to be acquired by A-Mark Precious Metals. The news was announced to the company’s distributor list via an email letter from Stack’s Bowers Galleries officials Greg Roberts (CEO), Brian Kendrella (President) and Andrew Glassman (CFO).

The letter stated, “Under this agreement, Stack’s Bowers Galleries will continue to operate as a standalone, independently operated, wholly owned subsidiary of A-Mark, a Nasdaq-listed company. We will join A-Mark’s portfolio of industry-leading brands, including JM Bullion, Goldline, LPM Group, and Collateral Finance Corporation (CFC).

“For nearly a century, Stack’s Bowers Galleries has been recognized as a leading numismatic auctioneer, entrusted with the sale of some of the most historically significant and valuable rarities and collections, as well as tens of thousands of more modestly priced numismatic collectibles. In addition to our renowned auctions, we are also a premier wholesale and retail dealership, supplying rare coins, currency, and precious metals to other retailers as well as directly to collectors. This merger with A-Mark will provide us with the resources and scale to accelerate our growth and enhance the services we offer to our valued clients.”

The letter noted several advantages to the move, including access to A-Mark’s secured lending solutions through its Collateral Finance Corporation as a means of providing enhanced finance options for consignors and bidders.

The Stack’s Bowers Galleries leadership team will make the transition intact. “Your experience with Stack’s Bowers Galleries will remain uninterrupted, and we look forward to serving you with even greater capabilities,” the letter stated.

A-Mark’s news release identified the transaction as a definitive agreement to acquire 100% of the stock of Spectrum Group International Inc., the parent of Stack’s Bowers Galleries. The release identified the purchase price as $92 million to acquire 100% of Spectrum Group International’s outstanding stock.

The press release identified the past relationship between the entities. “A-Mark has a long-standing relationship with SGI. A predecessor entity of SGI acquired 80% of A-Mark in 2005 and the balance of the Company in 2011. A-Mark was then spun-off into a separate publicly traded company in 2014. Greg Roberts is the Chief Executive Officer of both A-Mark and SGI, Mr. Roberts and another A-Mark executive comprise a majority of the board of SGI, and several A-Mark board members are shareholders of SGI. A-Mark established a special committee of independent members of its board to negotiate the acquisition on the Company’s behalf and to recommend approval of the acquisition.”

The acquisition is expected to close within 30 days, subject to certain closing conditions, including the approval of SGI’s shareholders, the execution of financing arrangements and the consent of A-Mark’s lenders.

Stack’s Bowers Galleries was formed in 2011 as a merger of Stack’s with Bowers & Merena. Stack’s began conducting auction sales in 1935, while Bowers & Merena, successor to Bowers & Ruddy, had its first sale in 1983. SBG has grown to become a global leader in numismatics and bullion. Its Auction Services conduct in-person, internet and specialized auctions of consigned and owned items, selling a wide range of important rarities and numismatic collections. SBG’s Dealership unit’s sizable inventory of rare coins and paper money is sold wholesale to other retailers and in Direct-to-Consumer sales. Its meaningful bullion inventory makes it an important A-Mark trading partner. In addition, SBG complements A-Mark’s distribution network in that it works with smaller institutional as well as retail customers. SBG is headquartered in Costa Mesa, California and operates additional offices in the United States, Europe and Asia.

Stack’s Bowers Galleries has entered into a definitive merger agreement to be acquired by A-Mark Precious Metals. The news was announced to the company’s distributor list via an email letter from Stack’s Bowers Galleries officials Greg Roberts (CEO), Brian Kendrella (President) and Andrew Glassman (CFO).

The letter stated, “Under this agreement, Stack’s Bowers Galleries will continue to operate as a standalone, independently operated, wholly owned subsidiary of A-Mark, a Nasdaq-listed company. We will join A-Mark’s portfolio of industry-leading brands, including JM Bullion, Goldline, LPM Group, and Collateral Finance Corporation (CFC).

“For nearly a century, Stack’s Bowers Galleries has been recognized as a leading numismatic auctioneer, entrusted with the sale of some of the most historically significant and valuable rarities and collections, as well as tens of thousands of more modestly priced numismatic collectibles. In addition to our renowned auctions, we are also a premier wholesale and retail dealership, supplying rare coins, currency, and precious metals to other retailers as well as directly to collectors. This merger with A-Mark will provide us with the resources and scale to accelerate our growth and enhance the services we offer to our valued clients.”

The letter noted several advantages to the move, including access to A-Mark’s secured lending solutions through its Collateral Finance Corporation as a means of providing enhanced finance options for consignors and bidders.

The Stack’s Bowers Galleries leadership team will make the transition intact. “Your experience with Stack’s Bowers Galleries will remain uninterrupted, and we look forward to serving you with even greater capabilities,” the letter stated.

A-Mark’s news release identified the transaction as a definitive agreement to acquire 100% of the stock of Spectrum Group International Inc., the parent of Stack’s Bowers Galleries. The release identified the purchase price as $92 million to acquire 100% of Spectrum Group International’s outstanding stock.

The press release identified the past relationship between the entities. “A-Mark has a long-standing relationship with SGI. A predecessor entity of SGI acquired 80% of A-Mark in 2005 and the balance of the Company in 2011. A-Mark was then spun-off into a separate publicly traded company in 2014. Greg Roberts is the Chief Executive Officer of both A-Mark and SGI, Mr. Roberts and another A-Mark executive comprise a majority of the board of SGI, and several A-Mark board members are shareholders of SGI. A-Mark established a special committee of independent members of its board to negotiate the acquisition on the Company’s behalf and to recommend approval of the acquisition.” The acquisition is expected to close within 30 days, subject to certain closing conditions, including the approval of SGI’s shareholders, the execution of financing arrangements and the consent of A-Mark’s lenders.

Stack’s Bowers Galleries was formed in 2011 as a merger of Stack’s with Bowers & Merena. Stack’s began conducting auction sales in 1935, while Bowers & Merena, successor to Bowers & Ruddy, had its first sale in 1983. SBG has grown to become a global leader in numismatics and bullion. Its Auction Services conduct in-person, internet and specialized auctions of consigned and owned items, selling a wide range of important rarities and numismatic collections. SBG’s Dealership unit’s sizable inventory of rare coins and paper money is sold wholesale to other retailers and in Direct-to-Consumer sales. Its meaningful bullion inventory makes it an important A-Mark trading partner. In addition, SBG complements A-Mark’s distribution network in that it works with smaller institutional as well as retail customers. SBG is headquartered in Costa Mesa, California and operates additional offices in the United States, Europe and Asia.

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