Clintons parent company reveals new investor taking 60% ownership

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Clintons

The parent company of Clintons has revealed plans to sell a 60 per cent stake in the business to a private-equity firm.

American Greetings, which is based in the US, confirmed an agreement with Clayton, Dubilier & Rice to acquire a majority ownership stake in the firm.

Terms of the deal were not disclosed, but the companies report that the Weiss family will retain a 40 percent stake in the business.

“We anticipate business as usual. Current management of American Greetings is expected to remain in place,” director of corporate communications Patrice Molnar said.

“And this transaction will not disrupt product, supply, or any other aspect of the business.

“It was important to the Weiss family to choose an investment partner who shares their commitment to the business.”

In 2013, American Greetings ended more than 50 years of operations as a public company, with a buyout from the greeting-card maker’s founding family.

American Greetings is regarded as the second-biggest greeting cards firm in the US, after Hallmark.

It bought British chain Clintons out of administration in 2011, but has continued to face stiff competition from the likes of Card Factory and Paperchase.

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