Vistaprint acquires Albumprinter in 51m deal
Tuesday, November 1, 2011
Vistaprint has expanded into the photobook production sector after acquiring Dutch business Albumprinter for an initial 60m (51.5m).
Albumprinter recorded sales of €37m in the 12 months to 30 September 2011 and employs 150 staff.
It primarily sells into the Netherlands, Belgium, the United Kingdom, Germany, France, Sweden and Norway with its consumer-facing brands that include Albelli and Bonusprint.
Vistaprint plan to wield Albumprinter's experience in the photobook market with its pan-European customer base while also offering its services to Album printer's client base.
Robert Keane, president and chief executive of Vistaprint, said the acquisition of Albumprinter brings a business that has "strong photo book manufacturing experience, a premium brand and a solid financial profile".
"We look forward to welcoming the Albumprinter team and to combining our talent and strengths in support of customers throughout Europe," he added.
Vistaprint will finance the deal through a mix of cash and drawing on its news $250m credit facility.
The acquisition, which is expected to be completed within one month, will result in Albumprinter management and employees joining the Vistaprint team but will operate under the Albumprinter brands.
Albumprinter chief executive Kees Arends added: "We expect to provide a product line and expertise that complement Vistaprint's current offerings and geographic reach in the European market.
"As a company with a similar focus on core capabilities, we are excited about further development of our products and services in order to address what we believe to be a large and growing opportunity."