Nexus Capital Management LP said Aug. 23 that it acquired FTD, an online florist and gift company. The deal was valued at $110.9 million.
CHICAGO, Aug. 23, 2019 /PRNewswire/ — FTD (the “Company”), one of the largest and most trusted online florist and gift companies in the world, was acquired today by an affiliate of Nexus Capital Management LP (“Nexus”), a Los Angeles-based private equity firm. The acquisition follows Nexus’ winning bid at the auction held on July 31, 2019 for certain assets of FTD Companies, Inc., including the FTD and ProFlowers brands and the FTD florist network.
Damian Giangiacomo, Partner at Nexus, said, “Nexus invests in leading companies and management teams across industries. With FTD, we see strong long-term potential in the Company’s brand, digital platform, and global network of over 30,000 florists across more than 125 countries. We have established a new capital structure and strategic plan designed to renew growth and profitability, which will rapidly enable investments in FTD’s network of florists and digital platforms to build on the Company’s heritage.”
“We are pleased to announce that Jeff Clarke will join FTD as Executive Chairman,” Giangiacomo continued. “Jeff played a key role on our deal team during due diligence and in building the strategic and operating plan for FTD going forward. Jeff’s leadership at Kodak, Travelport and Orbitz included consumer and enterprise sales, e-business optimization, and technology development, which are critical experiences for FTD to secure the many opportunities we see for the Company.”
“I am excited to lead FTD under its new private ownership with Nexus,” said Clarke. “FTD will focus on growth through its unparalleled network of florists, improved digital capabilities, brand investment and enhanced partnerships with sales channel affiliates in the industry.”
Clarke added, “I would like to thank Scott Levin for his leadership as FTD’s CEO during the past year and for effectively guiding the Company through the transition process to new ownership. We are excited to partner with Scott and the Company’s talented group of employees, florists and other stakeholders in achieving the Company’s next phase of growth.” Levin will continue with FTD as Vice Chairman, Chief Administrative Officer and General Counsel.
“FTD has operated since 1910 as a pioneer and leader in the florist industry,” said Levin. “We are grateful for the ongoing support of our florists, partners and employees, and for their commitment to FTD’s future.”
Jay Topper, FTD’s EVP and Chief Digital Officer, and Tom Moeller, the Company’s EVP of the Florist Division, will also continue as members of FTD’s executive leadership team.
“For more than a century, FTD thrived by focusing on the needs of florists and enabling them to help customers during the most important moments of their lives,” Clarke said. “It is a new day at FTD, and our mission is to put the florist at the center of everything we do. I look forward to working with the FTD leadership team and all of our employees to take FTD to new heights.”
FTD headquarters will remain in the Chicago, Illinois area.
FTD has been a leader in the floral industry for over a century. We are a private equity-backed company with one of the largest florist networks in the world, supported by the iconic Mercury Man® logo displayed in over 30,000 floral shops in more than 125 countries. We partner with local florists to hand-craft floral arrangements available for same-day delivery on FTD.com and ProFlowers.com. In addition to delivering flowers, we support locally-owned retail florists by providing technology, marketing, and digital services to members of our florist network. For all of life’s occasions and everyday moments, visit FTD.com, ProFlowers.com and ProPlants.com, and follow us on Facebook and Instagram at @ftdflowers. We love helping our customers #sayitwithflowers.
Nexus was formed in 2013 to make opportunistic investments in a broad range of companies and industries. Nexus employs a flexible investment mandate that focuses on long-term value creation by partnering with leading management teams and businesses. For more information on Nexus, please visit www.nexuslp.com.