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Great American Group: Merger Agreement Significantly De-Risks The Story, Pro-Forma Valuation Suggests Further Upside Is Ahead

Overview

Great American Group (NYSEARCA:GAMR) is a financial services business that has been in business since 1973, providing retail, wholesale, and industrial auction and liquidation services as well as valuation and advisory services. GAMR is small and has flown under the radar with a market cap of roughly $11 million (pre-merger), but has worked on high-profile transactions and liquidations for customers including Boeing, Apple, Blockbuster Video, Borders, and Circuit City. The company's financial institution clients encompass a variety of bulge-bracket investment banks such as Bank of America, JPMorgan, and Wells Fargo and a host of private equity firms like Goldman, Apollo, and UBS. GAMR does business in the U.S., Canada, and Europe.

GAMR has two segments: (1) auction...

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