Nexus Capital Management Acquires FTD's Consumer and Florist Businesses
Tuesday, August 27, 2019
Posted by: Sandy Thomas
FTD (the "Company"), one of the largest and most trusted online florist and gift companies in the world, was acquired today by an affiliate of Nexus Capital Management LP ("Nexus"), a Los Angeles-based private equity firm. The acquisition follows Nexus' winning bid at the auction held on July 31, 2019 for certain assets of FTD Companies, Inc., including the FTD and ProFlowers brands and the FTD florist network.
Damian Giangiacomo, Partner at Nexus, said, "Nexus invests in leading companies and management teams across industries. With FTD, we see strong long-term potential in the Company's brand, digital platform, and global network of over 30,000 florists across more than 125 countries. We have established a new capital structure and strategic plan designed to renew growth and profitability, which will rapidly enable investments in FTD's network of florists and digital platforms to build on the Company's heritage."
"We are pleased to announce that Jeff Clarke will join FTD as Executive Chairman," Giangiacomo continued. "Jeff played a key role on our deal team during due diligence and in building the strategic and operating plan for FTD going forward. Jeff's leadership at Kodak, Travelport and Orbitz included consumer and enterprise sales, e-business optimization, and technology development, which are critical experiences for FTD to secure the many opportunities we see for the Company."
Read the full article here...