Lifetouch sold again! Shutterfly Inc. (SFLY) parent of school photography giant Lifetouch, announced today that it has agreed to be acquired by Apollo Global Management (NYSE:APO).
It was reported that the deal is expected to close later this year during early fiscal 4th quarter. Apollo is acquiring the nations leading digital imaging company for about $51 per share in cash or approximately $2.7 billion.
Seeking Alpha editor, Liz Kiesche, reported that the price represents a premium of 31% vs. Shutterfly’s unaffected closing stock price of $38.91 on April 23, 2019. She also reported that Barclays, Citi, and SunTrust Robinson Humphrey are providing financing.
Shutterfly’s brands and primary product categories include:
• Shutterfly Consumer, the nations leading online print business
• Lifetouch, the school photography leader
• Tinyprints, the online custom stationary printer
• BL, the photo and video equipment rental business
• Groovebook, the app that allows customers to create a photo book each month
• Shutterfly Kids Collection, customizable kids products
• Shutterfly Pets collection, customizable pet products
• Shutterfly Business Solutions
“We look forward to working closely with Apollo as we continue to build a compelling service that enables deeper, more personal relationships for our customers, and to advance our digital and manufacturing capabilities to support sustainable growth,” said William Lansing, Shutterfly’s Chairman of the Board.
Apollo also announced it intends to acquire privately held Snapfish LLC and merge it with Shutterfly.
In further news a separate press release was made on Monday, announcing Ryan O’Hara as Shutterfly Inc.’s new president and CEO, effective June 24. Current President and CEO, Chris North, announced his resignation earlier this year.
Mark Schoenrock, President PSPConsulting