Shutterfly Signs Definitive Agreement to Acquire Spoonflower
Shutterfly announced an agreement to acquire Spoonflower, a global marketplace connecting makers and consumers with artists worldwide, in an accretive acquisition for approximately $225 million of enterprise value subject to certain working capital and other adjustments. The acquisition will enable Shutterfly to more broadly serve the fast-growing home decor marketplace by adding Spoonflower wallpaper, fabric, linens, bedding and other home decor soft goods to its product assortment and connecting Shutterfly’s 21 million active users to Spoonflower’s artists and design community. The acquisition, which is subject to regulatory approvals and customary closing conditions, is expected to close in the third quarter of 2021. “We are excited to welcome Spoonflower to the Shutterfly family of brands,” said Hilary Schneider, Chief Executive Officer of Shutterfly. “Millions of consumers use Spoonflower to make and upload their own designs on premium fabric, wallpaper and home decor, ignite their entrepreneurial spirit by launching small businesses or express their personal style by shopping the marketplace of more than one million designs. Driven by its passionate creative community and a visionary management team, Spoonflower has also experienced explosive growth over the last 18 months amid the thriving DIY consumer movement. It’s a highly complementary strategic fit for Shutterfly and a win/win for consumers, employees, and members of our creative community alike.”