A-Mark to Acquire Leading E-commerce Retailer JM Bullion, Creating the Industry’s Preeminent Fully Integrated Precious Metals Platform

EL SEGUNDO, Calif., Feb. 09, 2021 (GLOBE NEWSWIRE) -- A-Mark Precious Metals, Inc. (NASDAQ: AMRK) (A-Mark), a leading fully integrated precious metals platform, has entered into a definitive agreement with JM Bullion, Inc. (JMB), a leading e-commerce retailer of precious metals, to acquire the remaining 79.5% of the issued and outstanding shares of JMB not currently owned by A-Mark. The proposed acquisition follows a longstanding and highly synergistic relationship between the companies that dates back to A-Mark’s initial minority investment in JMB in 2014.

JM Bullion (JMB) Overview
Founded in 2011 and headquartered in Dallas, Texas, JMB is a leading e-commerce retailer providing access to a broad array of gold, silver, copper, platinum, and palladium products through its company owned websites and marketplaces. JMB operates five separately branded, company-owned websites targeting specific niches within the precious metals market, including JMBullion.com, ProvidentMetals.com, Silver.com, GoldPrice.org, SilverPrice.org, and also sells products through eBay.

Acquisition Summary

• A-Mark will pay a total of $138.3 million for the 79.5% of JMB it does not currently own, implying a total valuation for JMB of $174.0 million. Total consideration is comprised of $103.7 million of cash and $34.6 million of A-Mark common stock. The total consideration is subject to certain closing adjustments, customary working capital adjustments, and expense sharing arrangements.
• JMB CEO and Co-Founder Michael Wittmeyer and Chairman Kendall Saville will join A-Mark’s board of directors. Wittmeyer will remain CEO of JMB and will assume the title of Executive VP of A-Mark’s Direct Sales segment, which also includes A-Mark’s existing Goldline business.
• A-Mark intends to finance the cash portion of the purchase price with cash on hand and through any available means of financing, including a public or private equity or convertible debt offering.
• The acquisition is expected to close in the first quarter of calendar 2021, subject to customary closing conditions and regulatory approval.

JMB financial and operational highlights for the fiscal year ended December 31, 2020 include: