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M&AOnline & Digital

Moonpig owner acquires Dutch gift retailer

Photobox Group, the parent company of card and gift retailer Moonpig, has acquired Dutch online cards and gifting retailer Greetz.

Greetz was founded in 2001 as an online greetings cards retailer and sold over 7.5 million cards in the Netherlands in 2017. The business has grown by 25% year-on-year and the business is on course to double its 2015 revenues in 2018.

The Dutch company joins Photobox Group’s family of brands which include Moonpig, Photobox, Spanish photo-personalised gifts company Hofmann and German personalised poster producer PosterXXL.

Photobox Group generated revenues of £325m in the fiscal year ending 30 April 2017 and is owned by Exponent Private Equity and Electra Private Equity. In May 2018 it moved into new headquarters in the heart of London’s tech scene and appointed Nickyl Raithatha as managing director of Moonpig in June 2018.

Jody Ford, CEO of Photobox Group, said: “We’re delighted to welcome Greetz to our family of gifting and personalisation businesses. Much like Moonpig in the UK, Greetz is a loved, household brand, offering customers a highly emotive, personal and convenient way to share special moments and occasions together.

“The UK and Netherlands are the two main greetings card markets in Europe and we now have leadership positions in both.”

Niek Veendrick, CEO of Greetz added: “Joining Photobox Group gives us access to a Europe-wide pool of talent, expertise and creativity as we build the next stage of Greetz story. Our vision is to be the number one destination for personal gifting and greeting, enabling consumers to surprise and support people close to them.

“This is a perfect match with Photobox Group’s ambition and in Moonpig they have a very similar business that we can grow with.”

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