American Greetings Celebrates New Ownership as Elliott Investment Management Takes Majority Stake
Deal News | Feb 03, 2025 | PR Newswire Cision American Greetings Corporation
Elliott Investment Management L.P., alongside Clayton, Dubilier & Rice (CD&R) and the Weiss family, have announced the completion of Elliott's acquisition of a majority interest in American Greetings Corporation. This marks a significant milestone for American Greetings, a leader in the global Celebrations market. The acquisition was initially announced in December 2024 and has met all regulatory approvals. American Greetings, known for its wide-reaching global presence in physical and digital celebration products, will see continued investment and growth as Elliott plans to leverage its strategic strengths. CD&R and the Weiss family will retain significant minority ownership, underscoring a collaborative effort towards the company’s growth and innovation. Financial advisory to Elliott in this transaction was provided by Barclays, UBS Investment Bank, and BofA Securities, and legal advice by Davis, Polk & Wardwell. American Greetings received financial advice from Centerview Partners and BofA Securities, with Debevoise & Plimpton LLP serving as legal counsel. Specific terms of the deal remain undisclosed.
Sectors
- Private Equity
- Celebration Products
- M&A Advisory
Geography
- United States – American Greetings is headquartered in Cleveland, Ohio, and Elliott Investment Management is a U.S.-based firm.
- United Kingdom – The transaction news was disseminated via PRNewswire, a global platform often sharing news relevant to U.K. markets, and CD&R has a presence in London.
Industry
- Private Equity – Elliott Investment Management's acquisition and involvement in the transaction makes Private Equity a relevant sector in this article.
- Celebration Products – American Greetings operates within the Celebrations marketplace, providing products such as greeting cards and digital celebration content.
- M&A Advisory – The transaction involved multiple financial and legal advisories, integral to the M&A process.
Financials
- $69.7 billion – Assets under management by Elliott Investment Management as of June 30, 2024.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Elliott Investment Management L.P. | Acquirer | Company | A leading global fund manager, acquiring majority interest in American Greetings. |
| American Greetings Corporation | Target Company | Company | A leader in the global Celebrations marketplace, providing innovative greeting and celebration products. |
| Clayton, Dubilier & Rice (CD&R) | Minority Stakeholder | Company | A private investment firm retaining a significant minority ownership in American Greetings. |
| Weiss Family | Minority Stakeholder | People | Descendants of the founder of American Greetings, retaining a significant minority interest. |
| Barclays, UBS Investment Bank, BofA Securities | Financing Partners | Company | Provided committed financing to Elliott Investment Management for the acquisition. |
| Davis, Polk & Wardwell | Legal Advisor | Company | Provided legal advisement to Elliott Investment Management in the acquisition. |
| Debevoise & Plimpton LLP | Legal Advisor | Company | Provided legal advisement to American Greetings in the transaction. |
| Centerview Partners, BofA Securities | Financial Advisors | Company | Advised American Greetings in the financial aspects of the transaction. |