Claranova group subsidiary PlanetArt has completed the acquisition of online gifting store Personal Creations from US group FTD Companies.
PlanetArt has paid a total consideration of $18.1m in cash and certain additional payments for the acquisition of the assets of Personal Creations.
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Floral and gifting retailer FTD Companies closed the sale as part of its court-supervised restructuring.
The retailer, along with its subsidiaries, filed voluntary petitions under Chapter 11 in the US Bankruptcy Court for the Southern District of District of Delaware in June this year.
Headquartered in Woodridge, Illinois, Personal Creations will improve PlanetArt’s business and growth trajectory by adding new gifts dimension to the personalised products platform.
PlanetArt CEO and co-founder Roger Bloxberg said: “Personal Creations is the ideal complement to the existing PlanetArt ecosystem.
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By GlobalData“It is the e-commerce leader in personalised gift products with a long and impressive history of innovation, and we are pleased to be expanding our business into this important category and delighted to welcome a world-class team.
“Personal Creations is a natural strategic fit. Among other things, it enhances the customer value proposition. For example, there are tremendous synergies between our card apps and websites on the one hand and, on the other, the ability to include premium-quality custom-created gifts as unique as the people receiving them.”
As part of the deal, PlanetArt will hire gifting specialist staff in merchandising, development, design, operations and marketing operations, as well as across various brands, such as PersonalCreations.com, RedEnvelope.com and Gifts.com.
Oppenheimer served as an exclusive financial advisor, and Bryan Cave Leighton Paisner, Culhane Meadows, and Fox Rothschild as the legal counsel for PlanetArt to assist with the transaction.
