Collectors Universe Buys Out Competitor

Collectors Universe, a Newport Beach company that serves the coin, currency and sports memorabilia collection industry, said Friday it has acquired substantially all assets of the three companies owned by coin dealer Q. David Bowers and his business partner, Raymond N. Merena. Collectors said in a press release that it paid $8 million in cash plus almost $8 million in stock--1 million shares--for Auctions by Bowers and Merena Inc., Bowers and Merena Galleries Inc. and Bowers and Merena Research Inc. The three companies combined posted an operating profit of $4 million on revenue of $13 million for the fiscal year that ended Oct. 31. Collectors stock closed at $7.63, down $1.13 a share.