Elliott takes majority stake in UK Greetings’ parent company
UK Greetings’ owner American Greetings has confirmed the completion of the previously-announced deal giving Elliott Investment Management a majority stake in the business.
The statement came yesterday, 3 February, as UKG was showing some of its new ranges on the Cardgains Village at Spring Fair at the NEC in Birmingham.
The Dewsbury-based publisher, headed up by CEO Ceri Stirland, has been investing heavily in new operations and manufacturing machinery as well as its buildings.
The news comes following the original announcement of the plans in late December by the greeting card and celebration giant’s owners of private investment company Clayton Dubilier & Rice and the Weiss family, descendants of Jacob Sapirstein who founded the company in 1906.
They retain a significant minority ownership interest in American Greetings now Elliott’s acquisition has met all regulatory approvals and closing conditions.
Joe Arcuri, who is continuing as CEO of American Greetings, said, “This is an exciting time. Elliott shares our vision for growth and innovation, and together, we will leverage our combined strengths to create greater opportunities to drive growth that will benefit all our stakeholders, including our consumers, customers, and associates around the world.”
Paul Best, senior managing director and head of European private equity at Elliott, is assuming the role of chairman at AG, which is headquartered in Cleveland, Ohio.
He said: “We are looking forward to partnering with the American Greetings leadership team, CD&R and the Weiss family, and using our sector and international experience to support the next phase of the company’s growth.”
The move expands Elliott’s connections to the greetings industry as it already owns bookstores Waterstones in the UK and US-based Barnes & Noble, both of which have significant card and stationery sections.
