Investment

Family office buys stake in listed business, takes it private

A US family office has teamed up with a prominent New York investment group and a private individual to buy a listed collectable authentication business and take it private. 

Cohen Private Ventures, the family office of hedge fund billionaire, Steve Cohen, Daniel Sundheim’s New York City-based D1 Capital Partners, and sports card collector Nat Turner, paid $700 million for Collectors Universe.

The Santa Ana, California-based company provides authentication and grading services to buyers and sellers of memorabilia, including sports cards, coins and vintage autographs. 

Set up in 1986, Collectors Universe saw its share price more than triple in 2020 as consumers spent much more time on hobbies like collecting in the face of the Covid-19 pandemic lockdowns.

Turner said in a statement: “We are committed to bringing the resources and expertise necessary to expand the Company’s operational capacity and technological capabilities, while enhancing the accuracy and consistency for which Collectors Universe is known.”

Cohen Private Ventures is closely linked to Steve Cohen’s hedge fund Point72 Asset Management, which briefly functioned as a family office, before accepting outside money a few years ago. 

Based in Stamford, Connecticut, and New York City, Cohen Private Ventures was founded in 2014 by Steve and Andrew Cohen (no relation), who is also the family office’s CIO. 

D1 Capital was set up in 2017 by Sundheim, the former CIO of hedge fund Viking Global Investors. It manages a sizable amount of Sundheim’s wealth as well as money from private and institutional investors. 

D1 Capital has been a big buyer of assets, and so far this year it has participated in at least 24 deals worth many hundreds of millions of dollars. Last month, DI Capital along with four other investors paid $400 million for an undisclosed stake in Torchy’s Tacos, a fast growing Texas restaurant chain. The investment is part of a plan to expand the chain across the US. 

 

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