A-Mark Continues Expansion into the Bullion Adjacent Collectible Coin Market by Acquiring Stack’s Bowers Galleries, AMS Holding, LLC, and Pinehurst Coin Exchange, Inc.
A-Mark Precious Metals (NASDAQ: AMRK) has announced three strategic acquisitions to expand its presence in the collectible coin market:
1. Stack's Bowers Galleries (SBG): Acquired for $92 million, with $46M in cash and $46M in stock. SBG generated $536.4M revenue and $10.9M EBITDA in FY2024.
2. AMS Holding (GOVMINT): Agreement to acquire remaining 90% for $50M cash, plus up to $12M in performance-based payments. AMS reported $203.8M revenue and $9.3M Adjusted EBITDA in 2024.
3. Pinehurst Coin Exchange: Acquired remaining 51% for $6.5M cash, plus up to $5.3M in performance-based payments. Pinehurst generated $215.8M revenue and $7.7M EBITDA in 2024.
These acquisitions aim to enhance A-Mark's presence in the luxury market, increase gross margins during low bullion volatility periods, and add several hundred thousand new customers to their ecosystem.
A-Mark Precious Metals (NASDAQ: AMRK) ha annunciato tre acquisizioni strategiche per espandere la sua presenza nel mercato delle monete da collezione:
1. Stack's Bowers Galleries (SBG): Acquisita per 92 milioni di dollari, con 46 milioni in contante e 46 milioni in azioni. SBG ha generato 536,4 milioni di dollari di fatturato e 10,9 milioni di dollari di EBITDA nell'anno fiscale 2024.
2. AMS Holding (GOVMINT): Accordo per acquisire il restante 90% per 50 milioni di dollari in contante, più fino a 12 milioni di dollari in pagamenti legati alle prestazioni. AMS ha riportato 203,8 milioni di dollari di fatturato e 9,3 milioni di dollari di EBITDA rettificato nel 2024.
3. Pinehurst Coin Exchange: Acquisito il restante 51% per 6,5 milioni di dollari in contante, più fino a 5,3 milioni di dollari in pagamenti legati alle prestazioni. Pinehurst ha generato 215,8 milioni di dollari di fatturato e 7,7 milioni di dollari di EBITDA nel 2024.
Queste acquisizioni mirano a migliorare la presenza di A-Mark nel mercato del lusso, aumentare i margini lordi durante i periodi di bassa volatilità dei metalli preziosi e aggiungere diverse centinaia di migliaia di nuovi clienti al loro ecosistema.
A-Mark Precious Metals (NASDAQ: AMRK) ha anunciado tres adquisiciones estratégicas para expandir su presencia en el mercado de monedas coleccionables:
1. Stack's Bowers Galleries (SBG): Adquirida por 92 millones de dólares, con 46 millones en efectivo y 46 millones en acciones. SBG generó 536,4 millones de dólares en ingresos y 10,9 millones de dólares en EBITDA en el año fiscal 2024.
2. AMS Holding (GOVMINT): Acuerdo para adquirir el 90% restante por 50 millones de dólares en efectivo, más hasta 12 millones de dólares en pagos basados en rendimiento. AMS reportó 203,8 millones de dólares en ingresos y 9,3 millones de dólares en EBITDA ajustado en 2024.
3. Pinehurst Coin Exchange: Adquirido el 51% restante por 6,5 millones de dólares en efectivo, más hasta 5,3 millones de dólares en pagos basados en rendimiento. Pinehurst generó 215,8 millones de dólares en ingresos y 7,7 millones de dólares en EBITDA en 2024.
Estas adquisiciones tienen como objetivo mejorar la presencia de A-Mark en el mercado de lujo, aumentar los márgenes brutos durante períodos de baja volatilidad en los metales preciosos y añadir varios cientos de miles de nuevos clientes a su ecosistema.
A-Mark Precious Metals (NASDAQ: AMRK)는 수집용 동전 시장에서의 입지를 확장하기 위해 세 가지 전략적 인수를 발표했습니다:
1. Stack's Bowers Galleries (SBG): 9,200만 달러에 인수, 현금 4,600만 달러와 주식 4,600만 달러로 구성. SBG는 2024 회계연도에 5억 3,640만 달러의 수익과 1,090만 달러의 EBITDA를 기록했습니다.
2. AMS Holding (GOVMINT): 나머지 90%를 5,000만 달러 현금에 인수하기 위한 계약, 성과 기반 지급으로 최대 1,200만 달러 추가. AMS는 2024년에 2억 3,800만 달러의 수익과 930만 달러의 조정 EBITDA를 보고했습니다.
3. Pinehurst Coin Exchange: 나머지 51%를 650만 달러 현금에 인수, 성과 기반 지급으로 최대 530만 달러 추가. Pinehurst는 2024년에 2억 1,580만 달러의 수익과 770만 달러의 EBITDA를 기록했습니다.
이러한 인수는 A-Mark의 고급 시장 내 입지를 강화하고, 귀금속의 낮은 변동성 기간 동안 총 마진을 증가시키며, 생태계에 수십만 명의 새로운 고객을 추가하는 것을 목표로 하고 있습니다.
A-Mark Precious Metals (NASDAQ: AMRK) a annoncé trois acquisitions stratégiques pour étendre sa présence sur le marché des pièces de collection :
1. Stack's Bowers Galleries (SBG) : Acquise pour 92 millions de dollars, avec 46 millions en espèces et 46 millions en actions. SBG a généré 536,4 millions de dollars de revenus et 10,9 millions de dollars d'EBITDA pour l'exercice 2024.
2. AMS Holding (GOVMINT) : Accord pour acquérir les 90 % restants pour 50 millions de dollars en espèces, plus jusqu'à 12 millions de dollars en paiements basés sur la performance. AMS a rapporté 203,8 millions de dollars de revenus et 9,3 millions de dollars d'EBITDA ajusté en 2024.
3. Pinehurst Coin Exchange : Acquisition des 51 % restants pour 6,5 millions de dollars en espèces, plus jusqu'à 5,3 millions de dollars en paiements basés sur la performance. Pinehurst a généré 215,8 millions de dollars de revenus et 7,7 millions de dollars d'EBITDA en 2024.
Ces acquisitions visent à renforcer la présence d'A-Mark sur le marché du luxe, à augmenter les marges brutes pendant les périodes de faible volatilité des métaux précieux et à ajouter plusieurs centaines de milliers de nouveaux clients à leur écosystème.
A-Mark Precious Metals (NASDAQ: AMRK) hat drei strategische Übernahmen angekündigt, um seine Präsenz im Markt für Sammlermünzen auszubauen:
1. Stack's Bowers Galleries (SBG): Für 92 Millionen Dollar erworben, mit 46 Millionen in bar und 46 Millionen in Aktien. SBG erzielte im Geschäftsjahr 2024 einen Umsatz von 536,4 Millionen Dollar und ein EBITDA von 10,9 Millionen Dollar.
2. AMS Holding (GOVMINT): Vereinbarung zur Übernahme der verbleibenden 90% für 50 Millionen Dollar in bar, plus bis zu 12 Millionen Dollar leistungsabhängige Zahlungen. AMS berichtete 203,8 Millionen Dollar Umsatz und 9,3 Millionen Dollar bereinigtes EBITDA im Jahr 2024.
3. Pinehurst Coin Exchange: Übernahme der verbleibenden 51% für 6,5 Millionen Dollar in bar, plus bis zu 5,3 Millionen Dollar leistungsabhängige Zahlungen. Pinehurst erzielte im Jahr 2024 einen Umsatz von 215,8 Millionen Dollar und ein EBITDA von 7,7 Millionen Dollar.
Diese Übernahmen zielen darauf ab, die Präsenz von A-Mark im Luxusmarkt zu stärken, die Bruttomargen während Phasen niedriger Edelmetallvolatilität zu erhöhen und mehrere Hunderttausend neue Kunden in ihr Ökosystem aufzunehmen.
- Combined revenue contribution of $956M from all three acquisitions
- Total combined EBITDA of $27.9M from acquired companies
- Access to large customer base (500,000+ from AMS, 300,000+ from Pinehurst)
- Expected margin improvement during low bullion volatility periods
- Strategic expansion into luxury collectibles market
- Significant cash outlay of $102.5M for acquisitions
- Additional contingent payments of up to $17.3M based on performance targets
- 4% stock holdback for potential indemnification claims in SGI deal
Insights
A-Mark's triple acquisition strategy represents a significant expansion into the higher-margin collectible coin market, complementing its core precious metals business. The company is acquiring Stack's Bowers Galleries ($536.4M revenue, $10.9M EBITDA), AMS Holding ($203.8M revenue, $9.3M adjusted EBITDA), and Pinehurst Coin Exchange ($215.8M revenue, $7.7M EBITDA) - collectively generating
The total base purchase price of
Particularly valuable is the addition of several hundred thousand new customers to A-Mark's ecosystem, with the three businesses bringing specialized distribution channels (auction houses, direct sales teams, and e-commerce) that complement A-Mark's existing operations. The retention of key executives from the acquired businesses reduces integration risk.
This vertical integration gives A-Mark greater control over the premium-priced collectible coin market, and their existing capital advantages should enable margin expansion across these businesses. The transactions represent a comprehensive strategic shift to build resilience against bullion price volatility while leveraging A-Mark's global sourcing and logistics capabilities.
These acquisitions demonstrate A-Mark's deliberate ecosystem approach to the precious metals market. By acquiring Stack's Bowers Galleries, AMS Holding, and Pinehurst, A-Mark creates an end-to-end platform spanning wholesale distribution, retail sales, and auction services in both bullion and collectibles.
The strategic brilliance lies in the company's focus on margin diversification. The collectibles business typically maintains higher margins than pure bullion trading, especially during low volatility periods when trading profits diminish. This positions A-Mark to maintain profitability across different market conditions.
Each acquisition brings complementary capabilities: Stack's Bowers provides auction expertise and heritage brand positioning; AMS delivers a robust direct sales operation with 150+ trained representatives and strong customer retention metrics (one-third of new customers place second orders within 180 days); Pinehurst contributes e-commerce expertise as a leading seller on eBay and Walmart.com.
The customer acquisition component is particularly valuable - these businesses collectively serve over 800,000 customers, creating substantial cross-selling opportunities across the combined entity. The structured deals with performance-based earnouts (
A-Mark's approach demonstrates textbook vertical integration, creating competitive advantages through scale, diversification, and operational synergies, while reducing dependency on market volatility for profitability.
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
A-Mark has agreed to pay
A-Mark paid
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
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 deliver an elevated purchase experience that promotes repeat engagement. Nearly one-third of new AMS customers placed a second order within 180 days of their first purchase and total annual spend has historically grown in direct relationship to how long someone has shopped with the company.
AMS seeks to offer its customers highly compelling offerings such as first date of issue and first strike coins as well as coins and other products signed by artists, engravers, and mint directors. Items are generally sourced from a network of sovereign and private mints through their partnerships with A-Mark, SBG, and Pinehurst as well as from long-standing direct relationships.
GOVMINT is not affiliated with the U.S. Department of the Treasury or any other government agency. Its website is www.govmint.com.
Pinehurst Coin Exchange, Inc. Overview
A-Mark made its initial strategic investment in Pinehurst in 2019 and increased its ownership interest from
Pinehurst generated approximately
Pinehurst and MCM each have a long-standing presence on eBay where they collectively served over 60,000 customers during the year ended December 31, 2024. Pinehurst also sells through www.Walmart.com.
Management Commentary
“The acquisitions of AMS and Pinehurst are consistent with the vision that I outlined when discussing the Stack’s Bowers Galleries’ transaction on our earnings call last month,” said A-Mark CEO Greg Roberts. “The collectibles business expands A-Mark’s footprint into the luxury market and brings several hundred thousand new customers into our ecosystem. The attractive gross margin profiles of the acquired businesses, enhanced by A-Mark’s access to competitively priced capital, is expected to be accretive to earnings with the impact likely to be most notable during periods of limited bullion market volatility.
“Stack’s Bowers Galleries, AMS, and Pinehurst, each of which has a meaningful bullion business, will build upon this foundation and are expected to benefit from being fully integrated into A-Mark’s global sourcing network and logistics platform. I am particularly pleased that Stack’s Bowers Galleries’ Brian Kendrella and AMS’ Jim Hilt will continue with their respective companies while Pinehurst’s Vince Wade has entered into a three-year consulting agreement.”
Jim Hilt, CEO of AMS, commented, “I have come to view Greg as a valued partner since he joined the AMS board. At the same time, our customer base has responded enthusiastically to the compelling products afforded by the sourcing relationships that we established with A-Mark, Stack’s Bowers Galleries, and Pinehurst. I look forward to capitalizing on the power of A-Mark’s platform to build upon AMS’ 40 plus year history of storytelling through our network of technology-enabled sales representatives.”
Vince Wade, Pinehurst’s Founder, added, “A-Mark has been an impactful partner to Pinehurst since 2019, helping to expand our product catalogue and customer service capabilities. Our acquisition of ModernCoinMart from AMS last year broadened our reach in the important eBay marketplace and provided an opportunity to work directly with Jim and his highly capable team.”
Transaction Advisors
Spectrum Group International, Inc. Transaction
Roth Capital Partners acted as financial advisor and Kramer Levin Naftalis & Frankel LLP acted as legal counsel to the Special Committee of the A-Mark Board of Directors. D.A. Davidson & Co. acted as financial advisor and Olshan Frome Wolosky LLP acted as legal counsel to SGI.
AMS Holding, LLC Transaction
D.A. Davidson & Co. acted as financial advisor and Kramer Levin Naftalis & Frankel LLP acted as legal counsel to A-Mark. Houlihan Lokey acted as financial advisor to AMS and Ballard Spahr LLP acted as legal counsel to AMS.
Pinehurst Coin Exchange, Inc. Transaction
D.A. Davidson & Co. acted as financial advisor and Frye & Hsieh LLP acted as legal counsel to A-Mark.
About A-Mark Precious Metals
Founded in 1965, A-Mark Precious Metals, Inc. is a leading fully integrated precious metals platform that offers an array of gold, silver, platinum, palladium, and copper bullion, numismatic coins, and related products to wholesale and retail customers via a portfolio of channels. The company conducts its operations through three complementary segments: Wholesale Sales & Ancillary Services, Direct-to-Consumer, and Secured Lending. The company’s global customer base spans sovereign and private mints, manufacturers and fabricators, refiners, dealers, financial institutions, industrial users, investors, collectors, e-commerce customers, and other retail customers.
A-Mark’s Wholesale Sales & Ancillary Services segment distributes and purchases precious metal products from sovereign and private mints. As a U.S. Mint-authorized purchaser of gold, silver, and platinum coins since 1986, A-Mark purchases bullion products directly from the U.S. Mint for sale to customers. A-Mark also has longstanding distributorships with other sovereign mints, including Australia, Austria, Canada, China, Mexico, South Africa, and the United Kingdom. The company sells more than 200 different products to e-commerce retailers, coin and bullion dealers, financial institutions, brokerages, and collectors. In addition, A-Mark sells precious metal products to industrial users, including metal refiners, manufacturers, and electronic fabricators.
A-Mark’s consolidated subsidiary, LPM Group Limited (LPM), is one of Asia’s largest precious metals dealers. LPM operates a consumer-facing showroom in Hong Kong’s Central Financial District and offers a wide selection of products to its wholesale customers through its 24/7 online trading platform, including recently released silver coins, gold bullion, certified coins, and the latest collectible numismatic issues.
Through its A-M Global Logistics subsidiary, A-Mark provides its customers with a range of complementary services, including managed storage options for precious metals as well as receiving, handling, inventorying, processing, packaging, and shipping of precious metals and coins on a secure basis. A-Mark’s mint operations, which are conducted through its wholly owned subsidiary Silver Towne Mint, enable the company to offer customers a wide range of proprietary coin and bar offerings and, during periods of market volatility when the availability of silver bullion from sovereign mints is often product constrained, preferred product access.
A-Mark’s Direct-to-Consumer segment operates as an omni-channel retailer of precious metals, providing access to a multitude of products through its wholly owned subsidiaries, JM Bullion and Goldline. JMB owns and operates numerous websites targeting specific niches within the precious metals retail market, including JMBullion.com, ProvidentMetals.com, Silver.com, CyberMetals.com, GoldPrice.org, SilverPrice.org, BGASC.com, BullionMax.com, and Gold.com. Goldline markets precious metals directly to the investor community through various channels, including television, radio, and telephonic sales efforts. A-Mark is the majority owner of Silver Gold Bull, a leading online precious metals retailer in Canada, and also holds minority ownership interests in three additional direct-to-consumer brands.
The company operates its Secured Lending segment through its wholly owned subsidiary, Collateral Finance Corporation (CFC). Founded in 2005, CFC is a California licensed finance lender that originates and acquires loans secured by bullion and numismatic coins. Its customers include coin and precious metal dealers, investors, and collectors.
A-Mark is headquartered in El Segundo, CA and has additional offices and facilities in the neighboring Los Angeles area as well as in Dallas, TX, Las Vegas, NV, Winchester, IN, Vienna, Austria, and Hong Kong. For more information, visit www.amark.com.
A-Mark periodically provides information for investors on its corporate website, www.amark.com, and its investor relations website, ir.amark.com. This includes press releases and other information about financial performance, reports filed or furnished with the SEC, information on corporate governance, and investor presentations.
Important Cautions Regarding Forward-Looking Statements
Statements in this press release that relate to future plans, objectives, expectations, performance, events and the like are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and the Securities Exchange Act of 1934. These include statements regarding the occurrence and the timing of the closing of the acquisition of AMS Holding, and the anticipated benefits to A-Mark of the acquisition of each of Stack’s Bowers, AMS Holding and Pinehurst. Future events, risks and uncertainties, individually or in the aggregate, could cause actual results or circumstances to differ materially from those expressed or implied in these statements. Factors that could cause actual results or circumstances to differ include the following: Delays in consummating the AMS Holding acquisition, or the inability to consummate the acquisition, because certain conditions to closing are not satisfied, including obtaining the necessary financing, timely or not at all; difficulties in integrating the acquired businesses within A-Mark, including for purposes of creating synergistic selling opportunities; the future performance of the acquired businesses being weaker than anticipated, particularly in periods of low bullion volatility; strategic, business, economic, financial, political and governmental risks and other Risk Factors affecting the businesses and prospects of the company and the industries in which it operates, as described in in the company’s public filings with the Securities and Exchange Commission.
Company Contact:
Steve Reiner, Executive Vice President, Capital Markets & Investor Relations
A-Mark Precious Metals, Inc.
1-310-587-1410
sreiner@amark.com
Investor Relations Contacts:
Matt Glover and Greg Bradbury
Gateway Group, Inc.
1-949-574-3860
AMRK@gateway-grp.com
FAQ
How much did A-Mark (AMRK) pay for Stack's Bowers Galleries acquisition?
What is the total revenue generated by all three acquired companies for AMRK?
What is the purchase price for AMS Holding (GOVMINT) acquisition by AMRK?
How many customers will AMRK gain through these acquisitions?
What is the strategic benefit of these acquisitions for AMRK shareholders?
