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ELLIOTT INVESTMENT MANAGEMENT TO ACQUIRE MAJORITY INTEREST IN AMERICAN GREETINGS

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CLEVELAND, Dec. 20, 2024 /PRNewswire/ — Elliott Investment Management L.P. (“Elliott”), Clayton, Dubilier & Rice (“CD&R”), and American Greetings Corporation (“AG”) announced today an agreement under which Elliott will purchase a majority ownership stake in American Greetings, a global leader in the large and enduring Celebrations marketplace. Terms of the transaction were not disclosed.

Recognizing the tremendous opportunity ahead, CD&R and the Weiss family, descendants of Jacob Sapirstein, who founded the company in 1906, will maintain a significant minority ownership interest in American Greetings.

American Greetings is a creator, manufacturer, and distributor of physical and digital Celebration products worldwide with iconic brands, including American Greetings, Papyrus, and Carlton Cards. Its digital business is a leading provider of digital greetings and premium Celebrations content through proprietary technology platforms and apps, with popular digital brands, including American Greetings, Blue Mountain, Jacquie Lawson, SmashUps™, and Creatacard™. American Greetings partners with a wide range of leading global customers, including grocery, mass, drug, dollar, and specialty retailers, to serve and delight consumers with innovative Celebration products, including greeting cards, gift packaging, party goods, and balloons. American Greetings, with its unique consumer-centric and holistic category approach supported by best-in-class consumer analytics, delivers frictionless Celebration shopping experiences for consumers wherever and however people wish to shop – online, in-store, or curbside pickup.

“We are pleased to be partnering with the American Greetings management team, CD&R, and the Weiss family. As a leader in the Celebrations market in the United States, Canada, the UK, Australia, and New Zealand, American Greetings is ideally placed to drive the category, helping people to connect and celebrate life’s moments. Elliott has significant experience investing in the consumer sector, including our stewardship of Barnes & Noble and Waterstones, and we are pleased to bring this experience to bear in supporting American Greetings through its next chapter of growth,” said Paul Best, Senior Managing Director and Head of European Private Equity at Elliott.

“We look forward to partnering with Elliott as we continue to expand our Celebrations portfolio across more product categories, customers, and geographies. This is an exciting opportunity to better serve our associates, consumers, and retail partners,” said John Compton, CD&R Partner and current Chairman of American Greetings. Paul Best from Elliott will assume the role of Chairman of American Greetings post-closing.

Upon the close of the transaction, Joe Arcuri, the current President, Chief Executive Officer and Board member of American Greetings, will continue in his role. “Over the past few years, our consumer-led, industry-leading Celebrations approach and innovative products are thriving and resonating with consumers. This transaction is a testament to our associates’ ongoing dedication to serve and delight our consumers and customers,” said American Greetings CEO Joe Arcuri. “Our next phase of growth is underway, and we are confident that Elliott’s deep expertise, outstanding track record of success, and resources make them the ideal strategic partner to accelerate our growth within the Celebrations global marketplace.”

Transaction Approvals
The transaction is subject to customary closing conditions, including the receipt of regulatory approval, and is expected to close in the first quarter of 2025.

Advisors
Elliott has obtained committed financing from Barclays, UBS Investment Bank and BofA Securities. Davis, Polk & Wardwell served as legal advisor, and UBS Investment Bank served as financial advisor to Elliott in the transaction. Debevoise & Plimpton LLP served as legal advisor, and Centerview Partners and BofA Securities served as financial advisors to American Greetings.

About American Greetings

American Greetings is a global leader in the large and enduring Celebrations marketplace. The company helps people celebrate holidays, each other, and all of life’s special moments, in-person and online, guided by a mission to “make the world a more thoughtful and caring place every single day.”  American Greetings offers products wherever and however people wish to purchase them – online, in-store, or curbside pickup. Celebrations happen throughout the year, driven by traditional holidays, key milestone moments such as weddings, baby showers and graduations, as well as recurring everyday events such as birthdays and anniversaries. The company’s brands include American Greetings, Papyrus, Carlton Cards, and Recycled Paper Greetings. Its digital business unit, AG Interactive, is a leading provider of digital greetings and premium Celebrations content through proprietary technology platforms and apps. Its popular digital brands include American Greetings, Blue Mountain, Jacquie Lawson, SmashUps™, and Creatacard™. For more information, visit corporate.americangreetings.com and follow us @AmericanGreetings on Facebook and @amgreetings on Instagram. 

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About Elliott

Elliott Investment Management L.P. (together with its affiliates, “Elliott”) manages approximately $69.7 billion of assets as of June 30, 2024. Founded in 1977, it is one of the oldest funds under continuous management. The Elliott Funds’ investors include pension plans, sovereign wealth funds, endowments, foundations, funds-of-funds, high net worth individuals and families, and employees of the firm.

About Clayton, Dubilier & Rice

Founded in 1978, Clayton, Dubilier & Rice (CD&R) is a leading private investment firm with a strategy of generating strong investment returns by building more robust and sustainable businesses through the combination of skilled investment experience and deep operating capabilities. In partnership with the management teams of its portfolio companies, CD&R takes a long-term view of value creation and emphasizes positive stewardship and impact. The firm invests in businesses that span a broad range of industries, including industrial, healthcare, consumer, technology and financial services end markets. CD&R is privately owned by its partners and has offices in New York and London. For more information, please visit www.cdr.com and follow the firm’s activities through LinkedIn and @CDRBuilds on X/Twitter.

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Stay Cyber Safe This Holiday Season: Heimdal’s Checklist for Business Security

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LONDON, Dec. 20, 2024 /PRNewswire/ — Heimdal Security shares a practical holiday cybersecurity checklist, offering expert insights to help businesses safeguard against cyber threats this festive season.

With reduced staffing, remote work setups, and a surge in online shopping creating heightened vulnerabilities, this guide offers actionable tips to enhance business security.

Going beyond basic advice, the checklist also highlights the most common holiday scams and features videos showcasing real-life examples of Christmas-themed cyber scams and effective prevention strategies.

Key Tips to Protect Businesses This Holiday Season:

  1. Strengthen endpoints: Ensure devices are updated with antivirus and endpoint protection software; consider Endpoint Detection and Response (EDR) and application whitelisting.
  2. Prepare for phishing spikes: Train staff to identify suspicious emails, enforce robust email filters, and establish protocols for reporting unusual activity.
  3. Secure remote access: Mandate VPN usage, monitor unusual logins, and deactivate inactive accounts temporarily.
  4. Segment and shield networks: Isolate sensitive areas, deploy DNS security and advanced firewalls, and maintain full visibility over network traffic.
  5. Apply timely patches: Regularly update all systems and test patches in a controlled environment to minimize disruptions.
  6. Mitigate supply chain risks: Assess vendors thoroughly and limit their access to essential systems.
  7. Have a response plan ready: Tailor incident protocols for the holidays, create an on-call rotation for the IT team, and enable rapid action against suspicious activity.

Cybercriminals thrive on holiday distractions, but with proactive measures like phishing training, secure endpoints, and network segmentation, businesses can stay ahead of potential threats,” said Alex Panait, System Administrator at Heimdal Security.

Common Holiday Scams That Businesses Should Watch For:

Cybercriminals often tailor their tactics to exploit the festive season. The most common scams include:

  • Spear phishing: Emails disguised as holiday bonuses or event invitations that steal credentials or spread malware.
  • Malicious holiday E-Cards: Festive greetings that contain links deploying ransomware or spyware.
  • Fake E-Commerce sites: Fraudulent websites offering discounts to steal payment information.
  • Insider threats: Distracted or disgruntled employees mishandling or exploiting sensitive data.
  • Corporate travel scams: Fake booking platforms targeting business travelers.
  • Business email compromise (BEC): Fraudulent requests for urgent wire transfers during year-end financial rushes.

For more, read the full article here or watch the video on YouTube to see how these threats unfold and learn actionable prevention strategies.

About Heimdal:
Established in Copenhagen in 2014, Heimdal® empowers CISOs, security teams, and IT administrators to improve their security operations, reduce alert fatigue, and implement proactive measures through a unified command and control platform.

Heimdal’s award-winning cybersecurity solutions span the entire IT estate, addressing challenges from endpoint to network levels, including vulnerability management, privileged access, Zero Trust implementation, and ransomware prevention.

For further press information:

Madalina Popovici
Media Relations Manager
[email protected] 

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According to Tickmill survey, 3 in 10 Britons in economic difficulty: Purchasing power down 41% since 2004

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The people who have the most problems are women (30%) and are between 35 and 49 years old (39%)

ROME, Dec. 20, 2024 /PRNewswire/ — The purchasing power in the UK has dropped by 41% over the last 20 years. Today, £100,000 left in a bank account since 2004 without being invested would now be worth £59,021.

This figure is one of the findings from a study conducted by Tickmill, an international online trading broker that compared the economic situation in the UK and the European Union through the infographic “Purchasing Power and Cost of Living: UK vs EU”.

The analysis reveals a slight decline of 0.4% in the UK’s purchasing power, which currently stands at £41,573. In contrast, the European Union has seen a modest rise of 0.1%, reaching £40,874.

Why is purchasing power declining in the UK? One key factor is the cost of living. If the UK were still part of the European Union, it would rank as the fifth most expensive country, behind Ireland, Luxembourg, Denmark, and the Netherlands.

Unsurprisingly, 3 in 10 Britons are struggling with the cost of living. Women (3 in 10, compared to 25% of men), those aged between 35 and 49 (4 in 10), households earning less than £15,000 (6 in 10), and single parents (1 in 2) are among the most affected groups.

Among UK nations, Northern Ireland is the hardest hit, with 34% of its population facing financial difficulties, followed by Wales (31%), England (28%), and Scotland (22%). In England, the North East has the highest percentage of people struggling, with 4 in 10 residents affected. Even in London, the high costs impact 1 in 4 adults.

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In response to these challenges, Britons are making significant adjustments:

  • 53% have cut back or delayed spending on smaller items like eating out, entertainment, subscriptions, clothing, toys, books, etc.;
  • 52% have reduced household energy consumption;
  • 48% have decreased their grocery spending;
  • 41% have scaled back or postponed major expenditures, such as holidays, cars, and weddings;
  • 26% are working longer hours, taking on overtime, or pursuing additional jobs to earn extra income.

The British also made changes on the financial side. One in four adults has been forced to dip into their savings or investments to cover daily expenses. Moreover, 44% have stopped saving or investing entirely or have reduced their savings and investments—a 4% increase compared to 2023.

The lack of investment is another critical factor contributing to the decline in purchasing power. It is estimated that 13 million UK residents hold £430 billion in cash deposits but do not invest. The reasons? Seventy-four percent say they cannot compare investment products effectively, and 43% are afraid of losing their money.

A lack of knowledge and fear are preventing many savers from taking advantage of an important opportunity: preserving or increasing their purchasing power in the long term.

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NYSE CONTENT ADVISORY: PRE MARKET UPDATE AND WEEKLY RECAP DECEMBER 20, 2024

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NEW YORK, Dec. 20, 2024 /PRNewswire/ — The New York Stock Exchange (NYSE) is proud to offer a new daily pre-market update and additional content directly from the iconic NYSE Trading Floor. Access today’s NYSE Pre-market update as well as a Weekly Recap for market insights and other content before trading begins.

DAILY NYSE PRE-MARKET UPDATE
Kristen Scholer, Senior Markets Anchor, NYSE, delivers a daily pre-market update that includes key insights into the trading day ahead leading up to the NYSE’s Opening Bell.

NYSE END OF YEAR RECAP VIDEO
The New York Stock Exchange end-of-year video debuted today to package the moments that defined the markets in 2024 for editorial use.

NYSE ORIGINAL CONTENT
Elevate your reporting with the latest market insights and content from the NYSE, the world’s leading financial marketplace by leveraging a range of exclusive NYSE content including:

  • NYSE B-Roll Footage: NYSE Trading Floor, Market milestones, and Bell-ringing events.
  • NYSE Photo Highlights: NYSE-listed companies, Trading Floor moments, Leadership events.
  • NYSE Original Content:
    • Floor Talk: Exclusive interviews with industry trend-setters and innovators.
    • Inside the ICE House Podcast: Conversations with CEO, founders, and leaders.
    • Taking Stock: Go face-to-face with visionary entrepreneurs who are redefining sectors.

About Intercontinental Exchange
Intercontinental Exchange, Inc. (NYSE: ICE) is a Fortune 500 company that designs, builds and operates digital networks that connect people to opportunity. We provide financial technology and data services across major asset classes helping our customers access mission-critical workflow tools that increase transparency and efficiency. ICE’s futures, equity, and options exchanges – including the New York Stock Exchange – and clearing houses help people invest, raise capital and manage risk. We offer some of the world’s largest markets to trade and clear energy and environmental products. Our fixed income, data services and execution capabilities provide information, analytics and platforms that help our customers streamline processes and capitalize on opportunities. At ICE Mortgage Technology , we are transforming U.S. housing finance, from initial consumer engagement through loan production, closing, registration and the long-term servicing relationship. Together, ICE transforms, streamlines and automates industries to connect our customers to opportunity.

 

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