FTD Personal Creations sale closes; price lifted on ProFlowers deal

By Caroline Salls

Pittsburgh, Aug. 6 – FTD Cos., Inc. wholly owned subsidiary Provide Creations, Inc. closed on the sale of its Personal Creations personalized gifts business to PlanetArt, LLC on Aug. 1, according to an 8-K filed Tuesday with the Securities and Exchange Commission.

As previously reported, PlanetArt agreed to pay $18.1 million for the personal creations business.

In addition, FTD said wholly owned subsidiary FTD, Inc. entered into a second amended asset purchase agreement with Nexus Capital Management LP affiliate Gateway Mercury Holdings, LLC.

FTD said Gateway agreed under the amended purchase deal to acquire the company’s North America and Latin America florist and consumer business, including the ProFlowers business, for $110.86 million in cash, subject to customary adjustments and certain per diem adjustments to be paid if the sale does not close by Aug. 15.

Under the first amended purchase agreement entered in June, Gateway said it would pay $95 million in cash for the assets.

FTD said it the sale to Gateway will close on the fourth business day following satisfaction of the closing conditions set in the amended purchase agreement. The company said it will try to close the transaction as soon as possible and in accordance with milestones outlined in its debtor-in-possession financing agreement.

FTD is a floral wire service based in Downers Grove, Ill. The company filed bankruptcy on June 3 in the U.S. Bankruptcy Court for the District of Delaware under Chapter 11 case number 19-11240.

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