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Personalized Photography Platform Shutterfly Agrees To Acquire Spoonflower For $225M: Bloomberg

·1 min read
  • 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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