Vistaprint Strikes Deal to Obtain Photo Book Firm
VENLO, NETHERLANDS—Vistaprint N.V. announced it has entered into a definitive agreement to acquire Albumprinter, a privately held Dutch photo book and photo product company, for €60 million (US$85 million) payable at closing and up to an additional €5 million based on a performance based earn-out. This acquisition is in line with Vistaprint’s recently announced strategy to be more proactive in its evaluation of acquisition opportunities in adjacent markets.
Albumprinter, based in Amsterdam, with a manufacturing presence in the Hague, is a provider of photo books in the estimated €400 million European online photo book market. With approximately €37 million in revenue during the past 12 months, Albumprinter employs about 150 full-time employees, and has a primary market presence in the Netherlands, Belgium, the United Kingdom, Germany, France, Sweden and Norway.
Albumprinter processes thousands of orders per day through both a direct-to-consumer model via its brands Albelli, Bonusprint and Önskefoto, and an indirect model, for which it has partnered with retail stores throughout Europe.
“We look forward to welcoming the Albumprinter team and to combining our talent and strengths in support of customers throughout Europe. Albumprinter brings a company culture focused on customer satisfaction, intuitive user interface software, strong photo book manufacturing experience, a premium brand and a solid financial profile,” said Robert Keane, president and CEO of Vistaprint.