Apollo Global Management Inc (NYSE: APO) controlled personalized-photography platform, Shutterfly, has agreed to acquire home decor marketplace Spoonflower for $225 million in cash and equity, including debt, Bloomberg reports.
The transaction is estimated to close in Q3.
Shutterfly’s consumer business has grown for eight successive quarters, CEO Hilary Schneider said.
Schneider said Spoonflower’s photo tiles under its wall art offerings attracted the do-it-yourself consumers during the pandemic.
Shutterfly’s 21 million active users will be able to personalize fabrics and have access to over 1 million Spoonflower designs.
Spoonflower will continue to be led by CEO Michael Jones. It counts Guidepost Growth Equity and Bull City Venture Partners among its early investors.
Apollo’s private equity arm acquired had Shutterfly in a 2019 leveraged buyout and later combined the company with Snapfish.
Previously, the Wall Street Journal reported Apollo’s plans to make Shutterfly public via a special purpose acquisition company (SPAC) merger.
APO held $1.7 billion in cash and equivalents as of Mar. 31, 2021.
Price action: APO shares traded lower by 0.50% at $57.50 on the last check Monday.
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