Add-on Acquisition • Publishing

American Greetings Acquires Photoworks

On November 9, 2007, American Greetings acquired publishing company Photoworks for 27M USD

Acquisition Context

This is American Greetings’ 1st transaction in the Publishing sector.
This is American Greetings’ largest (disclosed) transaction.
This is American Greetings’ 1st transaction in the United States.
This is American Greetings’ 1st transaction in Ohio.

Investment Fate

Photoworks was divested to a consortium of strategic buyers in 2011.

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M&A Deal Summary
Date	November 9, 2007
Target	Photoworks
Sector	Publishing
Buyer(s)	American Greetings
Deal Type	Add-on Acquisition
Deal Value	27M USD
Advisor(s)	Woodside Capital Partners (Financial)

Target Company

Photoworks

Cleveland, Ohio, United States

Photoworks Inc. operates as an online personal publishing company.

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Buyer Overview 1

Buyer

American Greetings

Cleveland, Ohio, United States

Category	Company
Founded	1906
Sector	Consumer Products

DESCRIPTION

American Greetings is a creator and manufacturer of innovative social expression products that assist consumers in making the world a more thoughtful and caring place. American Greetings was founded in 1906 and is based in Cleveland, Ohio.

Deal Context for Buyer	#
Overall	1 of 2
Sector: Publishing	1 of 2
Type: Add-on Acquisition	1 of 2
State: Ohio	1 of 1
Country: United States	1 of 2
Year: 2007	1 of 1
Size (of disclosed)	1 of 1

FOLLOWING DEAL

DATE	TARGET	DEAL TYPE	VALUE
2010-02-01	Papyrus-Recycled Greetings Chicago, Illinois, United States RPG designs, manufactures and distributes a humorous and affectionate line of everyday and seasonal greeting cards and other social expression products throughout the U.S. and Canada. RPG sells over 100 million cards to over 17,500 retail stores in the U.S. and Canada through most major channels of distribution including mass merchandisers, chain drug stores and supermarkets.	Buy	-

DATE

TARGET

DEAL TYPE

VALUE

2010-02-01

Papyrus-Recycled Greetings

Chicago, Illinois, United States

RPG designs, manufactures and distributes a humorous and affectionate line of everyday and seasonal greeting cards and other social expression products throughout the U.S. and Canada. RPG sells over 100 million cards to over 17,500 retail stores in the U.S. and Canada through most major channels of distribution including mass merchandisers, chain drug stores and supermarkets.

Buy

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