20th Oct 2015 06:32
LONDON (Alliance News) - Electra Private Equity PLC on Tuesday said it and fellow private equity firm Exponent Private Equity have proposed the acquisition of Photobox Group, the personalised gifts and products retailer.
Photobox owns the Moonpig brand, along with a series of other companies which produce personalised products and gifts.
The acquisition, which will be subject to consultation with employee representatives and competition clearance, will see Electra invest GBP89.0 million. The pair intend to back the growth of Photobox's business via mobile channels, product launches and international expansion.
"We are delighted to mark Electra's first investment of its new financial year by investing alongside Exponent in this exciting business. PhotoBox is the market leader in Europe and is uniquely placed due to its scale to capture further growth as the macro trend for personalised gifts continues," said Bill Priestley, a partner at Electra Partners, which manages Electra Private Equity.
By Sam Unsted; [email protected]; @SamUAtAlliance
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