Apollo Global Management LLC is a private equity firm that is almost on the verge of closing a deal with the companies Shutterfly Inc. and Snapfish. The digital imaging companies have been believed to be offered the highest payment. The New York-based Apollo has not disclosed the exact amount that has been paid. The acquisition deal is believed to value close to $2 Billion for Shutterfly without any debt that is assumed to be more than $900 Million. The purchase of Snapfish is hush-hush just like that of its parent company, District Photo Inc. The Snapfish purchase is a party on a deal with Shutterfly. If sources are to be believed then District Photo will end up with a considerable minority stake in the acquisition deal.
The negotiations if completed successfully, then Apollo’s agreements with both companies could be declared publically by next week. Shutterfly founded in 1999 has since then permitting its customers to develop personalized cards, photo books, gifts, and stationery. The online digital photography services such as Vistaprint and Snapfish have proved quite competitive against its business. The brick-and-mortar retailers including Target, Costco, and Walmart have been providing similar services as well. Many buyout firms including Thomas H. Lee (2016) and Silver Lake Partners LP (2014) have since few years been trying to purchase Shutterfly. In February, Shutterfly had its board committee work on many options before deciding to hire Morgan Stanley after obtaining a good acquisition deal from an unnamed party.
By the end of August, the company will have it’s Chief Executive Christopher North saying goodbye to the firm. In the previous year, Shutterfly had acquired Lifetouch that is known to distribute school photography and manage portrait studios. Lifetouch had been brought for $825 Million cash. The Snapfish provides online photo storage and printing services and was acquired by District Photo in 2015 from now known as HP Inc. Around $300 Million cash was assumed to be put in the buyout deal.
Daniel Serrano had acquired considerable experience in writing and editing publications before recruited by Daily Industry Updates news portal as Editorial Manager. His key task is to conduct effective business reviews based on the most recent business strategies. Due to his stronghold and understanding over finance, marketing, business, and trade-related topics, he is known as a business counselor among the staff. His expertise in business-related topics is quite impressive. His business-related concepts are on fingertips, which aids in illustrating the business-related articles in brief and defined way, clear to even an amateur. He pursued his post graduation in Finance from a UK-based university.