A-Mark Precious Metals, Inc. has announced a trio of major acquisitions that dramatically expand its presence in the collectible coin and precious metals markets. By securing full ownership of Spectrum Group International (SGI), AMS Holding, LLC (AMS), and Pinehurst Coin Exchange, Inc. (Pinehurst), A-Mark has positioned itself to be the dominant force in both the bullion and rare coin markets.
Strategic Acquisitions with Major Implications
A-Mark’s acquisition of Spectrum Group International, the parent company of Stack’s Bowers Galleries (SBG), is particularly significant. SBG is a prestigious auction house known for handling some of the world’s most valuable numismatic coins and currency. With $536.4 million in revenue and $10.9 million in EBITDA for the fiscal year ending June 30, 2024, SBG is a key player in both wholesale and retail numismatics.
A-Mark’s purchase of AMS Holding, LLC complements this strategy by acquiring GOVMINT, a major direct-to-consumer coin dealer with a well-established customer base and a strong marketing platform. With over 500,000 historical customers and 77,000 active clients in 2024, GOVMINT’s extensive sales network and catalog of vintage and modern coins significantly expand A-Mark’s ability to reach collectors directly.
The final piece of the puzzle is A-Mark’s acquisition of Pinehurst Coin Exchange, a powerhouse in online bullion and numismatic sales. With a notable presence on eBay and Walmart’s online platform, Pinehurst’s success in retail bullion and coin sales adds yet another layer to A-Mark’s rapidly expanding ecosystem.
The Financial Strategy Behind the Acquisitions
The acquisition of SBG for $92 million (a mix of cash and A-Mark stock) is expected to improve margins by leveraging A-Mark’s extensive global sourcing network and distribution platform. Similarly, the $50 million acquisition of AMS, along with performance-based incentives, reflects A-Mark’s confidence in AMS’s proven ability to generate consistent sales growth.
The Pinehurst acquisition for $6.5 million (plus performance-based incentives) offers another layer of retail distribution through its customer base of over 300,000 clients and strong eBay presence.
Why These Acquisitions Matter for Collectors and Investors
By integrating these businesses, A-Mark has significantly expanded its presence in the luxury collectibles market. For coin collectors, this means greater access to rare and high-quality numismatic pieces through Stack’s Bowers Galleries’ auctions, while AMS’s GOVMINT brand offers streamlined access to modern coins, commemoratives, and first-strike editions. For investors, the expanded catalog of bullion products and rare coins presents additional opportunities to diversify their holdings in physical assets.
The acquisitions also position A-Mark to thrive even in periods of muted bullion volatility. By adding collectible coins to its revenue mix, A-Mark can generate stronger profit margins when bullion prices are less active, a strategy that aligns with broader trends in precious metals investing.
A Mark’s Expansion of Influence
With the integration of Stack’s Bowers Galleries, GOVMINT, and Pinehurst Coin Exchange, A-Mark has created a formidable network that spans wholesale, retail, and e-commerce channels. These acquisitions not only strengthen A-Mark’s financial stability but also provide collectors and investors with greater access to some of the most coveted numismatic pieces on the market today. As the precious metals landscape continues to evolve, A-Mark’s expansion demonstrates a clear commitment to innovation and growth in both bullion and collectibles.
