August 21, 2006
Collectors Universe Buys AGL
Collectors Universe Inc., Newport Beach, CA, a company specializing in authentication and grading services for dealers and collectors of high-value collectibles and goods, has acquired American Gemlogical Laboratories (AGL), New York City.
Founded in 1977 by C.R. "Cap" Beesley, G.G., AGL is known for its specialization in analyzing and grading colored gemstones. The purchase of the lab marks Collectors Universe's foray into the colored stone market. The company already owns Gem Certification and Assurance Lab (GCAL) for diamonds as well as Gemprint, the diamond identification and registration system.
According to a release, the Nasdaq-traded company purchased AGL for $3.5 million in cash, and agreed to pay up to an additional $3.5 million over the next five years contingent on financial performance.
Beesley will continue as president of AGL.
With AGL joining our diamond authentication and grading service, we
are continuing our 'best of breed' philosophy in our operations and
leadership in all of our existing markets," says Collectors Universe Michael Haynes in a release. "We believe, moreover, that with
the addition of the knowledge and experience of AGL and Cap Beesley to our
existing expertise in diamond grading and authentication, we now have
assembled the intellectual capital and jewelry market recognition to
further extend our expertise into the major markets and distribution
channels of the jewelry business."
"I am very excited to join Collectors Universe and to have AGL become a Collectors Universe company," says Beesley. "Throughout my career,
I have always been an advocate of improved consumer information and
disclosure and have had success influencing the markets with our third-party certification. Now with the substantial resources, both financial and
technological, and the reputation for integrity of Collectors Universe, I
am confident that together we will bring the benefits of third-party
certification to many more thousands of retail transactions each year."