- Company to expand product base and extend customer reach -
VENLO, the Netherlands--(BUSINESS WIRE)--Feb. 18, 2014--
Vistaprint N.V. (Nasdaq: VPRT), a leading online provider of
professional marketing products and services to micro businesses and the
home, today announced it has entered into a definitive agreement to
acquire People & Print Group B.V.
People & Print Group, based in Deventer, the Netherlands, is comprised
of several online printing sites focused primarily on the Dutch and
Belgian markets, including its most well known site, Drukwerkdeal.nl.
The company’s customers consist of local printers, design agencies and
resellers, as well as small businesses that have the ability to create
and upload graphic design files (as opposed to Vistaprint’s customers,
who typically use online graphic templates). People & Print Group
differentiates its offering in part by an emphasis on outstanding and
personalized customer service levels. The company operates in the
Netherlands and Belgium, with approximately 175 employees.
This acquisition combines the strength of People & Print Group’s
production innovation and customer relationship expertise with the
technology and manufacturing expertise of Vistaprint. Vistaprint
currently plans to continue to grow the People & Print Group brands as
an independent and focused set of brands that will remain distinct from
Vistaprint in their value proposition and positioning. Over a multi-year
period, the acquisition is expected to enable expanded product offerings
for both Vistaprint and People & Print Group as products from the
respective brands are introduced to the other. We also anticipate the
combined company will have opportunities to improve customer value
proposition and profitability over time through economies of scale.
“We are excited to welcome the People & Print Group team into the
Vistaprint family,” said Robert Keane, president and chief executive
officer of Vistaprint. “We believe its culture of customer centricity
and product innovation, combined with Vistaprint’s technology and
manufacturing strength, will enhance our mutual capabilities as we look
to expand our customer value proposition and customer bases.”
Keane continued, “People & Print Group has built a model that focuses
primarily on small businesses, but through a higher-touch approach that
addresses customers with more sophisticated marketing and design needs.
The small business market is large and fragmented. Different customer
segments have varied needs, and we view the addition of People & Print
Group to our portfolio of companies as a way for Vistaprint to enhance
its ability to serve customers outside of Vistaprint’s target customers.
We are committed to growing People & Print Group’s unique customer value
proposition, brand, and high levels of customer service.”
Marco Aarnink, People & Print Group’s chief executive officer added, “We
believe that our broad and deep product line and expertise will
complement Vistaprint’s current offerings. As a company that continues
to focus on its customer experience and relationships, we are excited
about the opportunities ahead of us. This combination should enable us
to even better serve a growing group of satisfied customers, as we
believe Vistaprint’s scale, financial strength, technology and
manufacturing expertise will help People & Print Group take our offering
to the next level.”
Subject to satisfaction of various closing conditions, Vistaprint
expects the transaction to close during its fourth fiscal quarter of
2014. People & Print Group management and employees will join the
Vistaprint team, but will continue to operate under the People & Print
Group brands.
Vistaprint expects this transaction to be immaterial to our fiscal 2014
financial results. Vistaprint will provide updated detailed guidance and
longer-term commentary after the close of the transaction.
Vistaprint was advised on this transaction by Shan Finance (banking
advisor), Stibbe (legal advisor) and KPMG Advisory N.V. (finance
advisor). People & Print Group was advised by One Equity Advisors
(banking advisor) and Lexence (legal advisor).
About Vistaprint
Vistaprint N.V. (Nasdaq: VPRT) empowers more than 16 million micro
businesses and consumers annually with affordable, professional options
to make an impression. With a unique business model supported by
proprietary technologies, high-volume production facilities, and direct
marketing expertise, Vistaprint offers a wide variety of products and
services that micro businesses can use to expand their business. A
global company, Vistaprint employs over 4,600 people, operates more than
25 localized websites globally and ships to more than 130 countries
around the world. Vistaprint's broad range of products and services are
easy to access online, 24 hours a day at www.vistaprint.com.
Vistaprint and the Vistaprint logo are trademarks of Vistaprint N.V. or
its subsidiaries. All other brand and product names appearing on this
announcement may be trademarks or registered trademarks of their
respective holders.
About People & Print Group
The human touch in quality printing
People & Print Group is the holding company of several successful online
brands, the largest of which is Drukwerkdeal.nl. The organization has
the mission to create printing experiences worth talking about:
convenient, personal and tailor made. With its strong and easy-to-use
front-end, personal service and high quality products, People & Print
Group serves a fast-growing number of customers in the Netherlands and
Belgium. As a market leader in the Netherlands, Drukwerkdeal.nl focuses
on B2B customers with a customer-focused strategy and continuous product
innovation. From its advanced production sites, People & Print Group
offers a complete solution in printing and graphic related
products, from business cards to posters and from photos on canvas to
giant banners. During the whole process, service is a top priority. With
the high-touch customer service model, People & Print Group creates a
‘just around the corner-feeling’ to all its customers.
This press release contains statements about our future expectations,
plans and prospects of our business that constitute forward-looking
statements for purposes of the safe harbor provisions under the United
States Private Securities Litigation Reform Act of 1995, including but
not limited to the closing of Vistaprint’s acquisition of People & Print
Group and the effects of the acquisition on Vistaprint’s financial
results and both companies’ businesses. Actual results may differ
materially from those indicated by these forward-looking statements. If
either company fails to satisfy the conditions to the closing of the
transaction, then the acquisition may be delayed or may not close at
all. In addition, the acquisition may fail to meet the companies’
business and financial expectations if, among other factors, the
companies fail to retain their current customers and attract new
customers; the companies fail to develop new and enhanced products and
services or cross sell their products to each other’s customers; key
employees of Vistaprint or People & Print Group leave the company;
Vistaprint fails to make planned investments in its or People & Print
Group’s business or those investments do not have the anticipated
effects on the companies’ businesses; Vistaprint fails to identify and
address the causes of its revenue weakness in Europe; Vistaprint fails
to manage the growth and development of its and People & Print Group’s
businesses; competitors succeed in taking sales away from the companies’
products and services; or there are unfavorable changes in currency
exchange rates or general economic conditions. You can also find other
factors described in our Form 10-Q for the fiscal quarter ended December
31, 2013 and the other documents we periodically file with the U.S.
Securities and Exchange Commission.
In addition, the statements and projections in this press release
represent our expectations and beliefs as of the date of this press
release, and subsequent events and developments may cause these
expectations, beliefs, and projections to change. We specifically
disclaim any obligation to update any forward-looking statements. These
forward-looking statements should not be relied upon as representing our
expectations or beliefs as of any date subsequent to the date of this
press release.
Source: Vistaprint N.V.
Vistaprint N.V.
Investor Relations:
Angela White, +1
781-652-6480
ir@vistaprint.com
or
Media
Relations:
Kaitlin Ambrogio, +1 781-652-6444
publicrelations@vistaprint.com