Moonpig Group eyes acquisition of gift experiences firm Buyagift
Moonpig Group, an online greeting card and gifting platform in the UK and Netherlands, has announced the proposed acquisition of Buyagift, a UK-based gift experiences specialist, for £124 million.
Moonpig says that the deal would triple its gifting range immediately, with no inventory.
It is also planning to apply its data and technology capabilities to the Buyagift brands to accelerate growth.
Moonpig CEO Nickyl Raithatha comments: “The proposed acquisition rapidly accelerates our journey to become the ultimate gifting companion.”
“There is strong strategic rationale for the transaction, and compelling financial benefits.”
“Buyagift is profitable and highly cash generative, with a proven track record of strong growth and we are excited by the ways that we can further transform the business using the Group’s proven playbook.”
“We see significant potential for the cross-selling of gifting experiences to Moonpig Group’s loyal customers.”
“We look forward to working with the Buyagift team to deliver an enhanced proposition for our customers and to create value for our shareholders.”
