American Greetings Successfully Acquired by Elliott Investment Management
Deal News | Feb 03, 2025 | Clayton, Dubilier & Rice, Inc.
Elliott Investment Management has successfully acquired a majority stake in American Greetings Corporation. The acquisition, which was first announced in December 2024, has now received all the necessary regulatory approvals. Clayton, Dubilier & Rice (CD&R) and the Weiss family, original stakeholders in the company, will retain significant minority interests. Joe Arcuri, CEO of American Greetings, emphasized the shared vision for growth and innovation between Elliott and the current leadership. Elliot's Paul Best expressed enthusiasm about leveraging sector expertise to propel the company's growth. The deal's terms remain undisclosed, but financing support was secured from major financial institutions with legal and financial advisement provided by several leading firms. American Greetings, both in physical and digital spaces, continues its mission to foster celebrations worldwide.
Sectors
- Private Equity
- Consumer Goods
Geography
- United States – American Greetings is headquartered in the U.S., and the major participants including Elliott and CD&R have significant operations in this region.
- United Kingdom – Elliott's strategic operations, including insights from its Senior Managing Director for European Private Equity, suggest significant geographical ties to the UK.
Industry
- Private Equity – The transaction involves Elliott Investment Management, a leading private equity firm, acquiring a majority interest in American Greetings.
- Consumer Goods – American Greetings operates in the consumer goods sector, specializing in celebration products, both physical and digital.
Financials
- Not Disclosed – Terms of the transaction were not disclosed.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Elliott Investment Management | Bidding Company (Buyer) | Company | A leading investment management firm managing several billion dollars in assets, responsible for acquiring a majority stake in American Greetings. |
| Clayton, Dubilier & Rice | Selling Company (Minority Stake Holder) | Company | A prestigious private equity firm retaining a minority stake post-acquisition. |
| American Greetings | Target Company | Company | A global leader in the celebrations marketplace, providing greeting cards and associated products. |
| Weiss Family | Selling Company (Minority Stake Holder) | People | Descendants of the founder, holding a significant minority stake in the company post-transaction. |
| Barclays, UBS Investment Bank, BofA Securities | Financing Providers | Company | Financial institutions that provided committed financing for the acquisition. |
| Davis, Polk & Wardwell | Legal Advisor to Elliott | Company | Legal advisors for Elliott in the acquisition transaction. |
| Debevoise & Plimpton LLP | Legal Advisor to American Greetings | Company | Legal advisors for American Greetings during the transaction. |
| UBS Investment Bank, Centerview Partners, BofA Securities | Financial Advisors | Company | Financial advisors to both Elliott and American Greetings, facilitating the deal. |