Waterstones’ owner taking majority interest in UK Greetings’ parent company
UK Greetings’ parent company American Greetings has announced that Elliott Investment Management is acquiring a majority interest in the card and celebration giant.
Currently owned by private investment company Clayton Dubilier & Rice and the Weiss family, descendants of Jacob Sapirstein who founded the company in 1906, they will maintain a significant minority interest once the deal is completed, which is expected in the first quarter of this year.
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.

“We are pleased to be partnering with the American Greetings management team, CD&R, and the Weiss family,” said Paul Best, senior managing director and head of European private equity at Elliott, who will assume the role of chairman at AG once the deal is closed for the business headquartered in Cleveland, Ohio.
He added: “As a leader in the celebrations market in the United States, Canada, the UK, Australia, and New Zealand, American Greetings is ideally placed to drive the category, helping people to connect and celebrate life’s moments.
“Elliott has significant experience investing in the consumer sector, including our stewardship of Barnes & Noble and Waterstones, and we are pleased to bring this experience to bear in supporting American Greetings through its next chapter of growth.”
With its mission to “make the world a more thoughtful and caring place every single day”, AG and UKG’s brands include Papyrus, Carlton Cards, Recycled Paper Greetings, and Camden Graphics.
When CD&R acquired the majority stake in American Greetings, including UKG, in February 2018, the Weiss family retained 40% of the main business and separately kept hold of the Clintons retail arm.
In March last year the Cardzone retail group, owned by the Taylor family, bought Clintons, then in May the Weiss family took a 10% stake in Cardzone with AG director and shareholder Jeff Weiss joining the board.

CD&R partner John Compton, who is stepping down as AG chairman, said: “We look forward to partnering with Elliott as we continue to expand our celebrations portfolio across more product categories, customers, and geographies. This is an exciting opportunity to better serve our associates, consumers, and retail partners.”
Upon the close of the transaction, AG’s current president, CEO and board member Joe Arcuri will continue in his role, and he commented: “Over the past few years, our consumer-led, industry-leading celebrations approach and innovative products are thriving and resonating with consumers. This transaction is a testament to our associates’ ongoing dedication to serve and delight our consumers and customers.
“Our next phase of growth is underway, and we are confident that Elliott’s deep expertise, outstanding track record of success, and resources make them the ideal strategic partner to accelerate our growth within the celebrations global marketplace.”
The terms of the transaction have not been disclosed and it is subject to customary closing conditions, including the receipt of regulatory approval.
Elliott has obtained committed financing from Barclays, UBS Investment Bank and Bank Of America Securities. Davis, Polk & Wardwell served as legal advisor, and UBS Investment Bank served as financial advisor to Elliott in the transaction. Debevoise & Plimpton LLP served as legal advisor, and Centerview Partners and BofA Securities served as financial advisors to American Greetings.