Jay-Z was among a group of investors who worked with Blackstone Group Inc. in purchasing Certified Collectibles Group, a company that verifies popular trading items like sports cards, stamps and coins.
Certified Collectibles is now valued at $500 million after Blackstone acquired a majority stake in the company, Bloomberg reports.
Jay-Z’s Roc Nation along with Daryl Morey, the president of basketball operations for the Philadelphia 76ers, Michael Rubin, founder and executive chairman of Fanatics, NBA player Andre Iguodala, and others are now stakeholders within Certified Collectibles while founder Mark Salzberg and Chief Executive Officer Steven Eichenbaum will keep a significant minority stake.
Looked at as one of the world’s largest private equity firms, Blackstone focuses its investments on companies within the realm of software, social gaming, defense and health care. Blackstone’s plans for Certified Collectibles include boosting the company’s growth by hiring and training employees and enhancing its online presence.
Collectibles estimates it has certified over 62 million items, with a combined fair market value approaching $50 billion, Insider reports. Their authentication services have turned popular items like comic books, banknotes, magazines, concert posters, stamps, trading cards, and sports cards into forms of collectibles.
They started the company 35 years ago by authenticating coins before expanding into other genres. After the acquisition, shares of CCG jumped 0.3% on Friday.
This is just the latest of a series of investments Jay-Z has made in recent months including his investment into the vegan chicken company DISCS (via VegNews) and LA-based fitness company LIT Method, via Page Six.
After launching his cannabis company Monogram back in December 2020, the Brooklyn native penned a letter in support of New York making marijuana legal in the state.
“The news of cannabis legalization in New York is incredibly exciting,” Jay Z told The Grio. “It represents a long overdue opportunity for New Yorkers, for the cannabis industry, and for social equity and social justice.”
With everything he touches turning to gold, time will tell if he’ll have the same effect on Certified Collectibles Group.