Card Factory advances into US market with strategic acquisition
Wakefield-headquartered greetings cards and gifts retailer, Card Factory, has acquired the entire issued share capital of Garven Holdings LLC and its subsidiaries for $25m/£19.7m.
Garven trades as Garven Design and Cadence Packaging. It designs and wholesales gifts and celebration essentials and is based in Minnesota, USA.
The deal has been funded from Card Factory’s existing cash and debt facilities.
Darcy Willson-Rymer, Card Factory chief executive officer, said: “The acquisition of Garven is an important strategic milestone in our partnerships strategy.
“Together with our separate wholesale supply agreement covering over 1,100 stores across the US, it establishes a physical presence in the US market.
“Over a number of years, Garven has built a reputation as a trusted brand known for its quality products and impressive design capabilities, with Anne and Walter building an excellent customer proposition.
“We are excited to welcome the Garven team and look forward to building upon their existing commercial relationships, as well as forging new ones.
“International partnerships are a key component of our growth strategy. Garven represents an exciting opportunity for us to build scale in the world’s biggest celebration occasions market.”
Chief operating officer, Anne Schulze and chief financial officer, Walter Jungbauer will continue to manage the Garven business.
In a trading update also released today, Card Factory says it has been encouraged by the start of the Christmas season.
The business says its programme of productivity and efficiency savings, as revealed in its Interim results in September 2024, remains on track.
Card Factory’s expectations for the full year are unchanged, though it has yet to trade through the peak Christmas trading period.
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