CLEVELAND, Feb. 3, 2025 /PRNewswire/ -- Elliott Investment Management L.P. (Elliott), Clayton, Dubilier & Rice (CD&R), and American Greetings Corporation today announced the successful completion of the previously announced transaction in which Elliott acquired a majority ownership stake in American Greetings, a global leader in the large and enduring Celebrations marketplace.
Recognizing the tremendous opportunity ahead, CD&R and the Weiss family, descendants of Jacob Sapirstein, who founded the company in 1906, will maintain a significant minority ownership interest in American Greetings.
The acquisition, announced on December 20, 2024, has now met all regulatory approvals and closing conditions.
Joe Arcuri, CEO of American Greetings, said, "This is an exciting time for American Greetings. 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."
"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," said Paul Best, Senior Managing Director and Head of European Private Equity at Elliott.
American Greetings is a creator, manufacturer, and distributor of physical and digital Celebration products worldwide with iconic brands, including American Greetings, Papyrus, and Carlton Cards. Its digital business is a leading provider of digital greetings and premium Celebrations content through proprietary technology platforms and apps, with popular digital brands, including American Greetings, Blue Mountain, Jacquie Lawson, SmashUps, and Creatacard.
Terms of the transaction were not disclosed.
Advisors
Elliott has obtained committed financing from Barclays, UBS Investment Bank and BofA 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.
About American Greetings
American Greetings is a global leader in the large and enduring Celebrations marketplace. The company helps people celebrate holidays, each other, and all of life's special moments, in-person and online, guided by a mission to "make the world a more thoughtful and caring place every single day." American Greetings offers products wherever and however people wish to purchase them - online, in-store, or curbside pickup. Celebrations happen throughout the year, driven by traditional holidays, key milestone moments such as weddings, baby showers and graduations, as well as recurring everyday events such as birthdays and anniversaries. The company's brands include American Greetings, Papyrus, Carlton Cards, and Recycled Paper Greetings. Its digital business unit, AG Interactive, is a leading provider of digital greetings and premium Celebrations content through proprietary technology platforms and apps. Its popular digital brands include American Greetings, Blue Mountain, Jacquie Lawson, SmashUps, and Creatacard. For more information, visit corporate.americangreetings.com and follow us @AmericanGreetings on Facebook and @amgreetings on Instagram.
About Elliott
Elliott Investment Management L.P. (together with its affiliates, "Elliott") manages approximately $69.7 billion of assets as of June 30, 2024. Founded in 1977, it is one of the oldest funds under continuous management. The Elliott funds' investors include pension plans, sovereign wealth funds, endowments, foundations, funds-of-funds, high net worth individuals and families, and employees of the firm.
About Clayton, Dubilier & Rice
Founded in 1978, Clayton, Dubilier & Rice (CD&R) is a leading private investment firm with a strategy of generating strong investment returns by building more robust and sustainable businesses through the combination of skilled investment experience and deep operating capabilities. In partnership with the management teams of its portfolio companies, CD&R takes a long-term view of value creation and emphasizes positive stewardship and impact. The firm invests in businesses that span a broad range of industries, including industrial, healthcare, consumer, technology and financial services end markets. CD&R is privately owned by its partners and has offices in New York and London. For more information, please visit www.cdr.com and follow the firm's activities through LinkedIn and @CDRBuilds on X/Twitter.
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