US-based domestic products retailer Bed Bath & Beyond has acquired online personalised products firm PersonalizationMall.com (Pmall.com) for around $190m.
PMall.com offers a wide variety of products, which can be personalised thorugh processes such as sublimation, embroidery, digital printing, engraving, and sandblasting.
This ecommerce platform enhances customer experience thorugh an automated personalisation process and fast order fulfillment. The acquisition expands Bed Bath & Beyond's current selections in the personalisation category, adding products categorised for occasions such as weddings, birthdays, and holidays.
Bed Bath & Beyond's chief executive officer and board of directors member Steven H. Temares said: "We are delighted to welcome PersonalizationMall.com to Bed Bath & Beyond.
"We look forward to supporting PersonalizationMall.com as they continue to improve the customer experience by enhancing their product mix, upgrading their e-commerce website and driving optimisation of their marketing initiatives.
"At the same time, we are excited by the opportunity to leverage their advanced personalisation and production capabilities to create additional omnichannel offerings across all of our concepts."
Bed Bath & Beyond has funded the transaction with cash on hand and anticipates that the acquisition will be slightly accretive to its net earnings per diluted share for the fiscal year ending 2016.
PersonalizationMall.com's founder and president Dan Randolph said: "I am very proud of the work our team has done in building PersonalizationMall.com into a market segment leader due to the ever-increasing demand for a wide range of quality personalised gift offerings.
"We are excited to be given the opportunity to realise the full potential of the PersonalizationMall.com brand in working together with Bed Bath & Beyond.
"In addition, it is a great opportunity for our PMall Team to become part of such an admired company that is as committed to great customer service as we are."
The acquisition is not expected to have a material effect on Bed Bath & Beyond's Q3 of fiscal year ending 2016, which comes to a close on 26 November.