Major US Competitor Acquired
International Greetings PLC
22 May 2000
International Greetings acquires major U.S. competitor
International Greetings, the greetings and stationery
products group, today announces that it has acquired the
assets and business of The Stephen Lawrence Company
('Stephen Lawrence'), a principal competitor of its US
division in the premium quality giftwrap and accessories
market.
A long established, family-run business and one-time market
leader, Stephen Lawrence was acquired by International
Greetings for a cash consideration of $2.45 million
(approximately £1.64 million).
For the year ended 31 December 1999, Stephen Lawrence
achieved an unaudited turnover of $13 million and a pre-tax
loss of $0.92 million. International Greetings has acquired
the trade and assets of the company with an estimated book
value of $5.3 million. In addition, International Greetings
has also acquired the associated goodwill and order book.
Stephen Lawrence will continue to trade under its own name,
but will be integrated into International Greetings' US
operation, The Giftwrap Company, based in Midway, Georgia.
Nick Fisher, Joint Chief Executive of International
Greetings, said: 'We are delighted to have acquired Stephen
Lawrence. This acquisition firmly establishes our position
as the leading premium giftwrap company in the US market.
Stephen Lawrence has been the market leader for much of its
40-year history and with the strength of its brand worldwide
and the quality of its designs, it will be of great benefit
to our group. We also expect significant benefits from the
absorption of Stephen Lawrence's operations into our
existing facilities in Georgia.'
For further information, please contact:
International Greetings 01707 630630
Nick Fisher, Joint Chief Executive
Grandfield 020 7417 4170
Clare Abbot
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