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Apollo Funds complete acquisitions of Emerald and Questex Acquisitions News 

Apollo Funds complete acquisitions of Emerald and Questex

GaryPageau , , 0 comment
Apollo Global Management announced Apollo-managed funds have completed the previously announced acquisitions of Emerald Holding, Inc.  and Questex, LLC.  Emerald Holdings is a leading B2B event organizer, who properties include WPPI. The transaction brings together two highly complementary businesses to create a leading B2B experiential events and media platform with enhanced scale, expanded capabilities, and a strong foundation for growth,... Read More
Bloomberg: Shutterfly sweetens debt deal Investments News 

Bloomberg: Shutterfly sweetens debt deal

GaryPageau , ,
Bloomberg reports U.S. personalized photo products leader Shutterfly has sweetened terms on a portion of its previously announced debt refinancing, in a bid to calm the nerves of investors concerned about potential AI disruption and widening losses. The Apollo Global Management Inc.-backed firm offered creditors a raft of concessions on its $1.15 billion junk bond, according to documents seen by... Read More
Shutterfly is looking to sell $1.9 billion in junk debt to whittle down pile Investments 

Shutterfly is looking to sell $1.9 billion in junk debt to whittle down pile

GaryPageau , ,
Personalized photo products leader Shutterfly is looking to refinance a looming debt pile with new sales of $1.875 billion of junk bonds and loans, according to Bloomberg. The Apollo Global Management Inc.-backed photo-sharing site is selling a $500 million term loan, $1.15 billion in junk bonds, and a $225 million riskier second-lien loan, according to people with knowledge of the matter. The deal comes after talks... Read More
Apollo Funds to acquire Emerald Expos, producer of WPPI Acquisitions News 

Apollo Funds to acquire Emerald Expos, producer of WPPI

GaryPageau , ,
Apollo Global Management announced that Apollo-managed funds have entered into separate definitive agreements to acquire Emerald Holding, Inc. and Questex, LLC, with the intention to combine the businesses to create a leading North American B2B experiential events and media platform, in an all-cash transaction. Among the Emerald Holding portfolio events are the WPPI show and the online education properties of Rangefinder... Read More
Barclays is on the prowl for Shutterfly investors News 

Barclays is on the prowl for Shutterfly investors

GaryPageau , , ,
Bloomberg reports Barclays PLC is vetting potential investors to help photo personalization giant Shutterfly push out its looming debt problem, after talks with private credit lenders lost momentum, according to reporting by Reshmi Basu. Apollo Global Management Inc., which has owned Shutterfly since 2019, has been seeking a way out of its ownership of the company, which has since then gone through numerous... Read More
Meager ties to Epstein Files causing Lifetouch backlash News Opinion 

Meager ties to Epstein Files causing Lifetouch backlash

GaryPageau , , ,
Nationwide, parents and school districts are expressing outrage and concern over alleged connections between an executive named in the notorious Epstein Files and the leading school portrait provider Lifetouch (and, by extension, Shutterfly and Snapfish). Concerns began circulating on various corners of the internet, and it became widely known that Shutterfly, the parent company of Lifetouch, has been owned by... Read More
Bloomberg: Shutterfly bonds fall on delay of annual report Earnings reports 

Bloomberg: Shutterfly bonds fall on delay of annual report

GaryPageau , , ,
Bloomberg Law reports Apollo Global Management-backed Shutterfly LLC’s bonds fell Tuesday, April 18, after the photo products retailer informed investors it will delay the release of its annual results for 2022, according to people with knowledge of the matter. According to the report from Bloomberg’s Reshmi Basu and Erin Hudson, Shutterfly advised debt holders it amended its credit documents to... Read More
Bloomberg reports insiders claim Shutterfly lost $45-$55 million in 3Q Earnings reports News 

Bloomberg reports insiders claim Shutterfly lost $45-$55 million in 3Q

GaryPageau , ,
Bloomberg reports leading photo products retailer Shutterfly LLC released preliminary third-quarter earnings reflecting steeper losses than last year, according to people with knowledge of the private results in the article. The Apollo Global Management-backed company booked a preliminary loss of $45 million to $55 million before interest, taxes, depreciation, and amortization, said the source, who asked not to be identified because... Read More
WSJ: Shutterfly in talks to go public. Again. News 

WSJ: Shutterfly in talks to go public. Again.

GaryPageau , ,
Less than two years since leading photo personalization company, Shutterfly Inc., went private through its acquisition by Apollo Global Management, the Wall Street Journal reports the company is in talks to go public as part of the latest wave of financial tools called “special-purpose acquisition companies, or SPACs.” According to the article by Cara Lombardo and Miriam Gottfried, Shutterfly is... Read More
Apollo Global Management to acquire Michaels for $5 billion Acquisitions 

Apollo Global Management to acquire Michaels for $5 billion

GaryPageau , ,
Craft retailer The Michaels Companies announced it has entered into a $5 billion deal to merge with affiliates of investment fund Apollo Global Management. (Incidentally, Apollo Global Management owns Shutterfly Inc.) Under the terms of the agreement, Apollo will commence a tender offer to acquire all outstanding shares of Michaels for $22.00 per share in cash. The purchase price represents... Read More
Vistaprint parent Cimpress takes $300 million investment from Apollo Global Management News 

Vistaprint parent Cimpress takes $300 million investment from Apollo Global Management

GaryPageau , , 1 Comment
Apollo Global Management Inc. is investing $300 million in Cimpress plc, the parent of Vistaprint and other commercial printing entities. The move is part of several actions Cimpress management is taking to counter the impact of the worldwide COVID-19 pandemic. In 2019, Apollo Global – which manages billions of dollars across multiple funds and sectors – purchased Shutterfly and Snapfish.... Read More
Apollo completes Snapfish acquisition, combines with Shutterfly Acquisitions News 

Apollo completes Snapfish acquisition, combines with Shutterfly

GaryPageau , ,
Apollo Global Management Inc. announced the successful completion of their previously announced acquisition of Snapfish, LLC and the combination of Snapfish with Shutterfly Inc., which was acquired by the Apollo Funds Sept. 25, 2019. According to the announcement, Snapfish owners became significant minority owners in the combined Shutterfly and Snapfish business. “As a business dedicated to connecting people, places and... Read More
WSJ: Banks struggling to sell $2 billion debt for Apollo purchase of Shutterfly News Opinion 

WSJ: Banks struggling to sell $2 billion debt for Apollo purchase of Shutterfly

GaryPageau , ,
The Wall Street Journal is reporting Barclays PLC, Citigroup Inc. and other investment banks hired by Apollo Global Management have struggled in recent days to raise about $2 billion of debt for the buyout of Shutterfly Inc. Due to the tepid reception to the debt, the banks agreed to buy up to $280 million after failing to find enough outside investors,... Read More
Shutterfly sale closes for $2.7 billion Acquisitions News Press releases 

Shutterfly sale closes for $2.7 billion

GaryPageau , ,
Shutterfly, Inc. stockholders receive $51.00 per share in cash in a transaction with an enterprise value of $2.7 billion REDWOOD CITY, Calif.–(BUSINESS WIRE)–Shutterfly, Inc., a leading retailer and manufacturing platform dedicated to helping capture, preserve, and share life’s important moments, and affiliates of certain funds (the “Apollo Funds”) managed by affiliates of Apollo Global Management, Inc. (together with its consolidated... Read More
Shutterfly Announces Second Quarter 2019 Financial Results Earnings reports Opinion Press releases 

Shutterfly Announces Second Quarter 2019 Financial Results

GaryPageau , , 1 Comment
Shutterfly announced second-quarter financial highlights, for the period ending June 30. (To read the entire press release, click here.) The company, which entered into an agreement in June to be acquired by Apollo Global Management in a deal expected to be concluded early in the fourth quarter. Shutterfly reported net revenue of $473 million, with an operating loss of $7.9... Read More