Investment firm King Street Capital Management is leading a $250 million financing agreement for Beckett Media & Collectibles parent company Collēctīvus Holdings.
Announced Thursday morning, HPS Investment Partners and Oaktree Capital Management are also partnering in the lending agreement.
According to a release, Collēctīvus Holdings will use the capital to invest in its entire portfolio, which also includes Dragon Shield, a trading card accessories brand, and Southern Hobby Distribution.
King Street manages more than $27 billion and specializes in situations involving distressed or misallocated capital. According to King Street, the investment will be led by the firm's Opportunistic Credit Strategy, which focuses on direct lending and distressed capital.
“As we embark on this new chapter, we are thrilled to have the support of King Street, HPS and Oaktree,” Beckett CEO Kevin Isaacson said in a statement. “This financing will allow us to build on the great momentum we’ve experienced, which culminated in the establishment of our new parent company, and we look forward to continuing our growth trajectory under the Collēctīvus banner.”
Collēctīvus Holdings was announced as the new umbrella company overseeing Beckett, Dragon Shield and Southern Hobby earlier this week.
The $250 million refinancing for Collēctīvus Holdings follows a $235 million investment into the Beckett Group from HPS Investment and Freedom 3 Capital in 2022.
Founded by Dr. James Beckett, Beckett Media is best known for its series of comprehensive sports card pricing guides. Beckett Grading Services was founded in 1999 and was long considered among the best grading companies in the industry.
Interest in BGS has declined in recent years, however, and it now regularly grades the fewest cards per month of the four major grading companies. According to third-party grading tracker GemRate, Beckett graded just 34,000 cards in November, a total that falls well behind SGC's 129,000 in third place.
Prior to news of a new umbrella company and financing, Beckett's future had been questioned by hobbyists following news that Greg Lindberg, the chairman for the investment company that owns Beckett, pleaded guilty in a $2 billion fraud and money laundering scheme.
Ben Burrows is a reporter and editor for cllct.