Steve Cohen and D1 Capital Team Up For Collectors Universe

(Bloomberg) -- Cohen Private Ventures, which invests the personal capital of hedge fund billionaire Steve Cohen, is teaming with Dan Sundheim’s D1 Capital Partners and sports card collector Nat Turner to take collectibles-grading company Collectors Universe Inc. private for about $700 million.

The deal represents a 3.7% premium to Friday’s closing price of $72.55. Shares of the Santa Ana, California-based company have more than tripled this year as consumers dedicate more time to hobbies like collecting during quarantine and lockdowns. Collectors Universe provides authentication and grading services to buyers and sellers of memorabilia, including sports cards, coins and vintage autographs.

“Collecting sports cards and connecting with like-minded hobbyists has been a lifelong passion,” Turner said in a statement Monday. The investors “are committed to bringing the resources and expertise necessary to expand the company’s operational capacity and technological capabilities.”

Turner co-founded Flatiron Health Inc., which was sold to Roche Holding AG in 2018, and advertising technology platform Invite Media, which Google bought in 2010.

Cohen Private Ventures makes long-term, primarily direct investments on behalf of Cohen and his family. Cohen, owner of investment adviser Point72 Asset Management and, more recently, the New York Mets, is worth $10.1 billion, according to the Bloomberg Billionaires Index.

The deal will be completed through a cash offer and is expected to close in the first quarter of 2021, Collectors Universe said Monday in a filing. Shares of the company rose 6.3% to $77.15 in New York.

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