American Greetings: A New Chapter with Elliott
Deal News | Dec 20, 2024 | PR Newswire Cision American Greetings Corporation
Elliott Investment Management L.P., in conjunction with Clayton, Dubilier & Rice (CD&R) and American Greetings Corporation, has announced an agreement to acquire a majority stake in American Greetings, a leader in the Celebrations market. This strategic acquisition includes maintaining significant minority ownership by CD&R and the Weiss family, descendants of the company's founder. American Greetings is renowned for its extensive range of both physical and digital Celebrations products and has global reach across various retail platforms. Upon transaction closure expected in the first quarter of 2025, Elliott's Paul Best will assume the role of Chairman of American Greetings. Joe Arcuri, the current CEO, will continue in his role, underscoring confidence in Elliott's strategic partnership to expand and capitalize on growth opportunities within the Celebrations sector.
Sectors
- Private Equity & Investment Management
- Consumer Products & Retail
- Digital Media & Technology
Geography
- United States – American Greetings is based in Cleveland, with significant market presence and activities in the U.S., and Elliott and CD&R also primarily operate within the U.S.
- United Kingdom – Elliott Investment Management has operations impacting European regions, including the UK.
Industry
- Private Equity & Investment Management – This classification pertains to Elliott Investment Management’s acquisition of a majority interest in American Greetings.
- Consumer Products & Retail – American Greetings is a leader in creating and distributing Celebration products, fitting within the consumer products and retail industry.
- Digital Media & Technology – American Greetings' digital business unit provides digital greetings and premium content, thus engaging with the digital media and technology sector.
Financials
- $69.7 billion – The amount of assets managed by Elliott Investment Management as of June 30, 2024.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| American Greetings Corporation | Target Company | Company | A global leader in the Celebrations market offering greeting cards and digital content. |
| Elliott Investment Management L.P. | Bidding Company | Company | A private equity firm acquiring a majority stake in American Greetings. |
| Clayton, Dubilier & Rice | Selling Company | Company | A private investment firm maintaining a significant minority interest in American Greetings. |
| Weiss Family | Selling Party | People | Descendants of Jacob Sapirstein, maintaining minority ownership in American Greetings. |
| Paul Best | Chairman Post-Transaction | Person | Senior Managing Director and Head of European Private Equity at Elliott, assigned as Chairman of American Greetings post-acquisition. |
| Joe Arcuri | CEO | Person | Current President and CEO of American Greetings, continuing in his role post-transaction. |
| Barclays, UBS Investment Bank, BofA Securities | Financiers | Company | Provided committed financing for Elliott's acquisition. |
| Davis, Polk & Wardwell | Legal Advisor to Elliott | Company | Served as legal advisor for the transaction. |
| UBS Investment Bank | Financial Advisor to Elliott | Company | Served as financial advisor for the transaction. |
| Debevoise & Plimpton LLP | Legal Advisor to American Greetings | Company | Provided legal advisory services to American Greetings. |
| Centerview Partners | Financial Advisor to American Greetings | Company | Provided financial advisory services to American Greetings. |