Apollo Global Management will invest about $300 million in Cimpress plc, an Irish printing services provider. Simpson Thacher advised Cimpress on the deal.
Simpson Thacher represented Cimpress plc (Nasdaq: CMPR) in connection with an approximately $300 million investment from funds managed by affiliates of Apollo Global Management. The investment is structured as 5-year second lien notes with a 12% coupon and 7-year warrants to purchase approximately 3.875% of Cimpress’ outstanding diluted ordinary shares. Cimpress intends to use the proceeds to pay down a portion of the term loan under its senior secured credit facility and to pay related fees and expenses. The transaction closed on May 1, 2020.
Cimpress invests in and builds customer-focused, entrepreneurial, mass customization businesses for the long term. Mass customization is a competitive strategy which seeks to produce goods and services to meet individual customer needs with near mass production efficiency. Cimpress businesses include BuildASign, Drukwerkdeal, Exaprint, National Pen, Pixartprinting, Printi, Vistaprint and WIRmachenDRUCK.
The Simpson Thacher team for this transaction included Partners Art Robinson and Dan Webb (Palo Alto), Senior Counsel Patrick Baron, and Associates Jean Park, Hyo Min Kim and Nicholas Halliburton (Capital Markets); Partner Eric Swedenberg and Associate Luke Rooney (M&A); Senior Counsel Soogy Lee and Associate Dennis Durkin (Banking & Credit); Senior Counsel Jonathan Cantor and Associate Jasmine Hay (Tax); Associate Bobbie Burrows (Intellectual Property); and Partner Larry Moss (Executive Compensation and Employee Benefits). All attorneys are based in New York unless otherwise noted.