Jay-Z has entered the collectibles business.
Roc Nation, the entertainment company founded by Jay-Z with Desiree Perez sitting as the current CEO, has invested in Blackstone Tactical Opportunities' acquisition of Certified Collectibles Group (CCG), in a transaction that values the company at over $500 million, as reported by NGC Coin. Blackstone is one of the world's leading investment firms, currently holding $650 billion in assets.
CCG is a company that authenticates and grades collectibles like comic books, collectible coins, magazines, concert posters, stamps, trading cards, sports cards and other collector's items. Over the last 35 years, CCG has certified over 62 million collectibles, garnering a fair market value of nearly $50 billion.
"When I established CCG, I had a vision that we would transform collectibles into an asset class that is trusted by collectors, dealers and investors around the world. It has been incredible to be a part of this journey as we achieved and then exceeded these goals. I am excited to join with Blackstone as we enter the next phase of growth for CCG and the collectibles market," said Mark Salzberg, founder of CCG, in a statement.
"We are thrilled to be partnering with Blackstone during this key point in the industry as the collectibles market continues to accelerate and attract new collectors and investors," added the CEO of CCG, Steven R. Eichenbaum. "From the moment we met the Blackstone team, we could tell that we shared the same vision for the future of our company and the global collectibles industry."
Other investors in Blackstone's acquisition include Fanatics, SC. Holdings, Mastry, President of Basketball Operations for the Philadelphia 76ers, Daryl Morey, and Main Street Advisors.
Source: NGC Coin
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