Spectrum Group International Announces Purchase of Non-Controlling Interest in Stack's Bowers Galler
Spectrum Group International Announces Purchase of Non-Controlling Interest in Stack's Bowers Galleries
IRVINE, Calif.--(BUSINESS WIRE)-- Spectrum Group International, Inc. (SPGZ) (the "Company") announced today that through its subsidiaries Bowers & Merena Auctions, LLC and Stack's-Bowers Numismatics, LLC ("SBN"), it has purchased the 49% non-controlling interest in SBN/dba Stack's Bowers Galleries for an aggregate purchase price of $4.9 million. The Company also agreed to pay the seller, Stack's LLC, an earn-out based on performance. As a result of this transaction, SBN/dba Stack's Bowers Galleries is now wholly owned by the Company.
Greg Roberts, President and CEO of the Company, commented, "The acquisition of the remaining 49% interest in Stack's Bowers Galleries will enable us to take advantage of the synergies among our key brands, to market across all our companies and to implement common processes and procedures, all of which should result in improved customer service to our buyers and sellers alike."
About Spectrum Group International, Inc.
Spectrum Group International, Inc. is a global trading and collectibles network. We are a trader of precious metals and an auctioneer of coins and wine, serving both collectors and dealers. We are also a merchant/dealer of certain collectibles. Our collectibles offerings span the price spectrums from modest to ultra-high end. Furthermore, we offer loans to coin dealers, collectors and investors backed by their precious metals, rare coin and other collectibles as collateral.
Our trading business is conducted through A-Mark Precious Metals, Inc. (A-Mark) and its subsidiaries. A-Mark is a full-service precious metal trading company, and an official distributor for many government mints throughout the world. A-Mark products include gold, silver, platinum and palladium for storage and delivery in the form of coins, bars, wafers and grain, and our services include financing, leasing, consignment, hedging and various customized financial programs. A-Mark's subsidiary, Collateral Finance Corporation, which is the official Numismatic Lender of the American Numismatic Association, provides financing on a wide array of bullion and numismatic products.
Our collectibles business operates as an integrated network of leading companies concentrating on numismatic (coins) materials and rare and fine vintage wine. We have offices and auction houses in North America, Europe and Asia. In addition to traditional live auctions, we also conduct Internet and telephone auctions.
Spectrum Group's Collectibles companies in the numismatics field include Bowers-Stack's Numismatics/dba Stack's Bowers Galleries (rare coin and currency auction house), Ponterio & Associates (world and ancient coins and currency auction house), Teletrade (online coin auctions) and Spectrum Numismatics International (wholesale rare coin dealer), all based in Irvine, California. Spectrum Wine Auctions is engaged in the sale by auction of rare and fine vintage wine.
Spectrum Group International, Inc.
Paul Soth, 949-748-4800
Chief Financial Officer
KEYWORDS: United States North America California
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