US-based floral and gifting retailer FTD Companies has received approval from the US Bankruptcy Court for the District of Delaware for the proposed sale of North America and Latin America Consumer and Florist businesses.
As part of the deal, private equity firm Nexus Capital Management will buy the businesses, including ProFlowers for a consideration of approximately $110.9m. FTD will also sell Shari’s Berries to an 1-800-Flowers.com affiliate for $20.5m.
The company is planning to close both acquisitions in the coming weeks.
FTD Companies president and CEO Scott Levin said: “We undertook a robust and competitive court-supervised sale process, and with the Court’s approval, we are now moving forward with transactions that reflect the highest and best value for our businesses.
“Importantly for florists, Nexus brings resources, experience, and stability that we believe will enable the member network to continue to grow into the future. We are continuing to support our florists and business partners and serve customers as we work to complete the transactions.
“We also thank all of our employees for their continued hard work and dedication throughout this process.”
Jones Day, Moelis & Company and Piper Jaffray & Co are serving as legal advisor, investment bankers, and financial advisors, respectively, while AP Services is acting as chief restructuring officer.
In June this year, the company filed voluntary petitions under Chapter 11 in the court, and received approvals for ‘First Day’ motions related petitions.
FTD Companies and its affiliates offers floral, specialty foods, gifts, and related products across North America. It also offers floral products and services to retail florists and other retail locations.