Clayton, Dubilier and Rice acquire majority interest in American Greetings
Clayton, Dubilier and Rice alongside American Greetings have announced an agreement where CD&R-managed funds will acquire a 60% ownership stake in the designer, manufacturer and distributor of greeting cards. The Weiss family, who are descendants of the company's founder, Jacob Sapirstein will retain a 40% stake in the business. Other terms of the transaction were not disclosed.
"American Greetings is a clear market leader with a strong portfolio of valuable brands," CD&R partner Ken Giuriceo said. "We are very pleased to partner with the Weiss Family and American Greetings' talented management team and to be aligned around a set of identified actions to strengthen the company's competitive positioning and prospects for sustainable, long-term growth and profitability."
As part of the transaction, John Beeder, the current president and chief operating officer, will become the chief executive officer. Co-CEO's, Zev Weiss and Jeffrey Weiss and chairman Morry Weiss, will participate on the board. David Scheible, an operating advisor to CD&R funds, and former chairman and chief executive officer of graphic packaging will assume the role of American Greetings' chairman.
"We believe the deep operating expertise that Clayton, Dubilier & Rice brings to us makes them an ideal strategic partner," said Zev Weiss. "They have an outstanding track record of success and a strong reputation for trustworthiness and operational leadership and we look forward to working closely together and continuing to serve the interests of American Greetings' customers, employees, and suppliers," added Jeffrey Weiss.
"American Greetings is a clear market leader with a strong portfolio of valuable brands," CD&R partner Ken Giuriceo said. "We are very pleased to partner with the Weiss Family and American Greetings' talented management team and to be aligned around a set of identified actions to strengthen the company's competitive positioning and prospects for sustainable, long-term growth and profitability."
As part of the transaction, John Beeder, the current president and chief operating officer, will become the chief executive officer. Co-CEO's, Zev Weiss and Jeffrey Weiss and chairman Morry Weiss, will participate on the board. David Scheible, an operating advisor to CD&R funds, and former chairman and chief executive officer of graphic packaging will assume the role of American Greetings' chairman.
"We believe the deep operating expertise that Clayton, Dubilier & Rice brings to us makes them an ideal strategic partner," said Zev Weiss. "They have an outstanding track record of success and a strong reputation for trustworthiness and operational leadership and we look forward to working closely together and continuing to serve the interests of American Greetings' customers, employees, and suppliers," added Jeffrey Weiss.