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Elliott Investment Management Acquires American Greetings

CLEVELAND, February 3, 2025 – Elliott Investment Management L.P. has officially concluded its acquisition of a majority interest in American Greetings Corporation, a well-known name in the celebration products market. This significant transaction, announced on December 20, 2024, has successfully passed all regulatory reviews and closing conditions.

American Greetings, which boasts a legacy that dates back to 1906, is recognized globally for its vast range of greeting cards and celebratory items. As part of this deal, the Weiss family, who are the descendants of the company's founder Jacob Sapirstein, will retain a notable minority stake alongside Clayton, Dubilier & Rice (CD&R), which has also been involved in the investment.

An Exciting Vision for Growth

Joe Arcuri, the CEO of American Greetings, expressed enthusiasm about the future, stating, "This is an exciting time for American Greetings. Elliott shares our vision for growth and innovation, and together, we will leverage our combined strengths to drive progress that benefits all stakeholders, including our consumers and associates around the globe."

Paul Best, Senior Managing Director at Elliott, highlighted the experience they bring to the table: "We look forward to partnering with the American Greetings leadership team, CDR, and the Weiss family to support this next phase of growth for the company."

A Leader in Celebrations

American Greetings stands out in the celebrations marketplace with its diverse offerings. The company not only creates and distributes traditional greeting cards but also has a robust digital presence, offering e-cards and digital greetings through various platforms. Its portfolio includes esteemed brands such as Papyrus and Carlton Cards, as well as digital innovations like American Greetings, Blue Mountain, Jacquie Lawson, SmashUps™, and Creatacard™.

As celebrations occur year-round, fueled by both traditional holidays and personal milestones, American Greetings aims to make each moment special. The company's commitment to a more thoughtful and caring world underlines its mission. They provide products through multiple sales channels, ensuring accessibility whether customers prefer in-store shopping or online purchases.

Strategic Financing and Advisory

Elliott has secured committed financing from major financial institutions, including Barclays, UBS Investment Bank, and BofA Securities. Legal advisement for the transaction came from Davis, Polk & Wardwell, while UBS served as financial advisor to Elliott. American Greetings had similar support, engaging Debevoise & Plimpton LLP and financial advisors Centerview Partners and BofA Securities.

With this acquisition, Elliott Investment Management embarks on an exciting new venture alongside American Greetings, anticipating a future ripe with innovative growth opportunities, benefiting a broad array of stakeholders from consumers to employees.

For more detailed information about American Greetings and its offerings, visit American Greetings Corporate. Also, follow their latest updates on their social media platforms like Facebook and Instagram.