A-Mark Precious Metals, Inc. completed the acquisition of Lpm Group Limited from Asset Marketing Services, LLC.
February 26, 2024
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A-Mark Precious Metals, Inc. (NasdaqGS:AMRK) entered into a non-binding letter of intent to acquire Lpm Group Limited from Asset Marketing Services, LLC for $79 million on February 1, 2024. A-Mark will pay a total upfront consideration of $41.5 million, consisting of $37.5 million in cash, subject to certain closing adjustments, and $4.0 million of A-Mark common stock and an earnout up to an additional $37.5 million in cash based on achievement of certain Earnings before Interest, Taxes, Depreciation, and Amortization targets for 2024, 2025 and 2026. The proposed transactions are subject to the preparation and execution of definitive agreements and are expected to close simultaneously in February 2024, subject to the receipt of customary closing conditions and required third party consents or approvals, including the consent of the lenders under A-Marks Trading Credit Facility.
Joe Schimmelpfennig, Danny Friedman and Austin Black of D.A. Davidson & Co. acted as financial advisor, Kramer Levin Naftalis & Frankel LLP and Frye & Hsieh LLP acted as legal advisor to A-Mark Precious Metals. Houlihan Lokey, Inc. (NYSE:HLI) acted as financial advisor and Ballard Spahr LLP acted as legal advisor to Asset Marketing Services.
A-Mark Precious Metals, Inc. (NasdaqGS:AMRK) completed the acquisition of Lpm Group Limited from Asset Marketing Services, LLC on February 27, 2024.
A-Mark Precious Metals, Inc. is a fully integrated precious metals platform. The Company offers an array of gold, silver, platinum, palladium, and copper bullion, numismatic coins, and related products to wholesale and retail customers. The company conducts its operations through three segments: Wholesale Sales & Ancillary Services, Direct-to-Consumer, and Secured Lending. The Wholesale Sales & Ancillary Services segment operates as a full-service precious metals company. The Company operates its Direct-to-Consumer segment through its wholly owned subsidiaries JM Bullion, Inc. (JMB) and Goldline, Inc. The Company operates its Secured Lending segment through its wholly owned subsidiary Collateral Finance Corporation, LLC (CFC). JM Bullion is an e-commerce retailer of precious metals and operates seven separately branded, Company-owned websites such as JMBullion.com, ProvidentMetals.com, Silver.com, GoldPrice.org, SilverPrice.org, BGASC.com, CyberMetals.com, and BullionMax.com.