Exponent Private Equity and Electra Partners are to acquire Photobox Group, the personalised products and gifts company behind brands such as Moonpig, PaperShaker, Sticky9, Hofmann, Posterjack and posterXXL.
Under the terms of the acquisition offer, Exponent and Electra Private Equity would be the principal shareholders, with Photobox Group management team reinvesting part of their proceeds.
The current Photobox Group executive management team, led by Stan Laurent, would continue in their roles. The offer is subject to certain conditions including consultation with employee representatives and anti-trust clearance.
This proposed transaction would provide Photobox Group with a new simplified and committed shareholder structure as it continues to diversify its product and gift range, enhance its mobile proposition, accelerate its organic growth internationally and further strengthen its European leadership position.
Exponent and Electra Private Equity PLC would replace, both as owners and board members, current longstanding shareholders and partners in the development of Photobox Group. Those longstanding shareholders include Highland Capital Partners, Index Ventures, HarbourVest Partners, Insight Venture Partners, Quilvest Ventures and Greenspring Associates: some of whom have been involved in the business for ten years and have supported its growth to date.
Speaking about the proposed acquisition by Exponent and Electra Partners, Photobox Group’s Chief Executive Officer, Stan Laurent, says: “We have made great headway with the support of our longstanding shareholders, Board members and employees, who have taken us from humble beginnings to create the European leader in this market. But with a market opportunity of £6 to £7 billion in Europe alone, our story is only just beginning.
“We’re excited that Exponent and Electra Partners, both with impressive track records of building great businesses, share our vision about continuing to develop the most “personal” e-commerce business in Europe, celebrating millions of customers’ memories, birthdays and other happy moments. Their welcome cards are in the post!”
Douglas McCallum, Photobox Group’s Non-Executive Chairman, adds: “This is a case of ‘great business meets great investors.’ I’m honoured to continue to participate in the Photobox Group story as we endeavour to expand on our European leadership position in the exciting world of personalised products.”
