A-Mark Precious Metals to Purchase Minority Interest in United Kingdom-Based Atkinsons Bullion ...
A-Mark Precious Metals, Inc. (NASDAQ: AMRK) (A-Mark), a leading fully integrated precious metals platform, today announced that it has entered into a definitive agreement to purchase a 25% ownership interest in a United Kingdom-based company which owns and operates through a wholly owned subsidiary, Atkinsons Bullions & Coins (“Atkinsons”), for cash consideration of $2.75 million. Founded in 1990, Atkinsons is a leading United Kingdom-based online retailer of precious metals, bullion and coins
EL SEGUNDO, Calif., Feb. 03, 2023 (GLOBE NEWSWIRE) -- A-Mark Precious Metals, Inc. (NASDAQ: AMRK) (A-Mark), a leading fully integrated precious metals platform, today announced that it has entered into a definitive agreement to purchase a 25% ownership interest in a United Kingdom-based company which owns and operates through a wholly owned subsidiary, Atkinsons Bullions & Coins (“Atkinsons”), for cash consideration of $2.75 million. Founded in 1990, Atkinsons is a leading United Kingdom-based online retailer of precious metals, bullion and coins.
Atkinsons reported revenue of over $130 million in calendar 2022. In connection with the agreement, A-Mark and Atkinsons will enter into a three-year supplier agreement which includes a renewal provision. A-Mark will also be granted an option, exercisable no sooner than 24 months after the closing, to purchase an additional 24.5% ownership interest in Atkinsons which, if exercised, would increase A-Mark’s ownership interest to 49.5%.
“The A-Mark team and I are impressed with Atkinsons’ track record within its Direct-to-Consumer (DTC) market,” said A-Mark CEO Greg Roberts. “This transaction represents our first investment outside of North America, and expands our international footprint as we continue to focus on growing our DTC base and geographic reach.”
“We are delighted to welcome the team at A-Mark to the Atkinsons family,” said Paul Atkinson CEO of Atkinsons Bullion & Coins. “From our initial meeting it was obvious we shared the same values for exceeding our clients’ expectations and delivering market-leading products and services at competitive prices. We are confident this partnership will support and enhance our ambitious growth plans. A-Mark's experience will be invaluable to our strategy.”
