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collectibleshop Posts: 3088
7/1/2021
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Announced today: https://www.cgccomics.com/news/article/9253/
Blackstone Tactical Opportunities to Acquire the Certified Collectibles Group:
Blackstone (NYSE:BX) announced today that funds managed by its Tactical Opportunities business (“Blackstone”) have agreed to acquire a majority stake in the Certified Collectibles Group (“CCG”) in a transaction valuing the company at more than $500 million. Mark Salzberg, CCG’s founder, and Steven R. Eichenbaum, CCG’s CEO, will retain a significant minority stake.
So panic reigns on the CGC forums, but only time will tell if this is a good thing for CCG/CGC and the hobby, and getting turnaround times back to normal some day.
Like my daddy used to say, "It's always something. (fill in your doomsday speculation here). Good night my little Roseanne Roseannadanna."
edited by collectibleshop on 7/1/2021
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BasementComics Posts: 784
7/1/2021
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Curious to see if it ends up being similar to Beckett acquiring CBCS.
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Theoldcollector Posts: 213
7/1/2021
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Maybe that will help them speed up the process lol.
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Defiant1 Posts: 720
7/1/2021
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Is it possible the whole company was running off venture capital money from these guys anyway?
Thinking out loud.
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Ronbatman Administrator Posts: 2530
7/2/2021
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I heard that news yesterday as well and wondered about the implications. With an influx of money what could happen?
More employees to grade?
More marketing ideas like signing?
Buying the competition?
Trying to be Mcdonalds' and owning the supply chain. This would be an interesting one because of DC's situation on the manufacturing side. On the other side, they could be interested in websites, price guides, apps, bags/boards, plastic holders, YouTubers. Anything related to comics after the initial sale.
It's fun to think about.
Ron
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lokyel Posts: 486
7/2/2021
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that explains why I had to redoo my dealers app. a week ago.
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Shjensen Posts: 9
3/9/2022
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Well wait times have increased by 50% since this occurred so I guess we got an answer.
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claydwilli Posts: 66
3/10/2022
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Not sure if they are biting off more than they can chew these days but I just got one back from them and the label is sealed in there all crooked, going to have to send it back I expect. Wonder if they are a bit under staffed and so are rushing through it all.
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Xvipah73 Posts: 357
3/10/2022
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CGC QA has been bad for a while.
In their defense, as it relates to turn around times, it's not as if the competition is getting stuff back in any sort of quick timeframe. I have stuff in at CBCS that's been there almost a year as well.
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+1
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BasementComics Posts: 784
3/10/2022
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Xvipah73 wrote:
CGC QA has been bad for a while.
In their defense, as it relates to turn around times, it's not as if the competition is getting stuff back in any sort of quick timeframe. I have stuff in at CBCS that's been there almost a year as well.
Ditto...it will be over a year once the books finish pressing and are graded.
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+1
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Oxbladder Posts: 487
4/5/2022
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It’s not a huge deal other than expect to keep paying more. CGC now has more money and that money but they aren’t going to change much because it affects the bottom line. The bottom line matters even more now because Blackstone will cut them loose if they don’t keep being profitable. Right now CGC and CBCS have a captured market that may whine and complain but they will NEVER really lose as long as the premiums hold up.So, why change?
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BasementComics Posts: 784
4/6/2022
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CBCS just rolled out a new membership program. Costs went up too.
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