EL SEGUNDO, Calif., March 10, 2025 (GLOBE NEWSWIRE) — A-Mark Precious Metals, Inc. (NASDAQ:AMRK) (A-Mark or the Company), a leading fully integrated precious metals platform, announced its continued expansion into the collectible coin market with the following acquisitions:
- On February 28, 2025, A-Mark completed the previously reported acquisition of Spectrum Group International, Inc. (SGI), the parent of Stack’s Bowers Galleries (SBG), one of the world’s largest rare coin and currency auction houses and a leading wholesale and retail dealer specializing in numismatic and bullion products. SBG generated Total Revenue of $536.4 million and EBITDA of $10.9 million during the fiscal year ended June 30, 2024.
- On March 9, 2025, A-Mark entered into a definitive agreement to acquire the 90% of AMS Holding, LLC (AMS) not owned by A-Mark. Founded in 1984, AMS operates the flagship brand GOVMINT where a team of over 150 dedicated sales representatives works with customers to assemble collections of vintage and modern coins. AMS generated Total Revenue of $203.8 million and Adjusted EBITDA of $9.3 million during the year ended December 31, 2024.
- On February 28, 2025, A-Mark, closed the acquisition of the 51% of Pinehurst Coin Exchange, Inc. (Pinehurst) that it previously did not own. Founded in 2005, Pinehurst serves the wholesale and retail markets and is one of the nation’s largest sellers of modern and numismatic coins on eBay. Pinehurst generated Total Revenue of $215.8 million and EBITDA of $7.7 million during the year ended December 31, 2024.
The SBG, AMS, and Pinehurst transactions expand A-Mark’s presence in the collectibles market, are expected to increase its gross margins during periods of low bullion volatility, and present a meaningful base of new customers.
Key Transaction Terms
A-Mark paid $92.0 million to acquire 100% of SGI’s outstanding stock. The consideration consisted of $46.0 million in cash and $46.0 million in A-Mark stock valued at $27.51 per share, its volume weighted average price on the Nasdaq Stock Market for the five trading days preceding the definitive agreement’s execution. There is a holdback of 4% of the total stock issued to satisfy potential indemnification claims.
A-Mark has agreed to pay $50.0 million in cash to acquire the remaining 90% of AMS stock and up to an additional $9.0 million in cash based upon the achievement of performance benchmarks in calendar 2025 and 2026. Selling shareholders may receive up to an additional $3.0 million in cash based upon the achievement of financial targets when certain identified inventory is sold. The transaction is expected to close within 45 days subject to the satisfaction of certain conditions, including the execution of financing arrangements.
A-Mark paid $6.5 million in cash to acquire 51% of Pinehurst’s stock and has agreed to pay up to an additional $5.3 million in cash consideration based upon the achievement of performance benchmarks.
AMS Holding, LLC Overview
A-Mark has supplied bullion and related products to AMS for over ten years and, in February 2024, acquired its then wholly owned subsidiary LPM Group Limited (LPM). Based in Hong Kong, LPM is one of Asia’s leading precious metals wholesalers and, from its location in the Central Financial District, the operator of the city’s largest numismatic showroom. A-Mark is in the process of expanding LPM’s wholesale, Direct-to-Consumer, and storage operations to strategically important Singapore.
A-Mark, in connection with its acquisition of LPM, formed a joint venture with SBG and Pinehurst to acquire a 10% interest in AMS’ fully diluted equity. Each of the three companies, in turn, signed supplier agreements with AMS and they provide approximately 80% of the collectibles that it offers to its customers. A-Mark CEO Greg Roberts joined AMS’ board of directors last year. AMS is based in Eagan, MN and its corporate website is www.amsi-corp.com.
The foundation of AMS is a sales and marketing engine that brings together four decades of collector relationships with modern technology and compelling coin offerings that are sold through the GOVMINT brand. AMS has served over 500,000 customers in its history, including over 77,000 customers during the year ended December 31, 2024. The company’s customers work closely with sales representatives whose training and product expertise enable them to …
