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Hold on. Winds keep blowing through the school picture industry as Shutterfly/Lifetouch go private.
On September 25, 2019 Shutterfly, parent company of volume school photographer Lifetouch was successfully acquired by affiliates of the Apollo Funds a leading global alternative investment manager.
As a result of the transaction Shutterfly is now a privately held company and its shares are no longer listed on the NASDAQ Global Select Market. Consequently this move also returns Lifetouch to its past as a privately held company.
Prior to the Shutterfly purchase Lifetouch was privately held through an Employee Stock Ownership Plan. The ESOP was used as a retirement vehicle for its employee shareholders. The acquisition pushed Lifetouch into unfamiliar territory with quarterly reporting pressure and active investors. As a result, the Lifetouch team has had to adjust to a new culture, restructurings, personnel changes, different decision-making and financial reporting and a different type of scrutiny.
The Apollo deal means that Shutterfly stockholders are entitled to receive $51.00 per share in cash in exchange for their shares of Shutterfly common stock. The transaction represents an enterprise value of approximately $2.7 billion.
“Today marks a new era for Shutterfly as we work with the talented team at Apollo to advance our primary goals of product and mobile innovation as well as ongoing integration efforts with Lifetouch, while continuing to drive momentum in our manufacturing and technology investments.” Ryan O’Hara, Shutterfly President and Chief Executive Officer.
Still in process is Apollo’s acquisition of Snapfish, LLC which it intends to combine with Shutterfly.
The volume photography industry is holding on – waiting to see if or how another ownership change will impact the country’s largest school photographer and what it may mean for them. The answer my friend is blowing in the wind…