Green Equity Buys FTD For $420 Million
FTD's principal stockholders, who collectively own about 72 percent of the outstanding shares of FTD's common stock, have agreed to vote their shares in favor of the deal.
FTD stockholders will get $24.85 per share in cash upon closing. The aggregate value of the transaction is about $420 million. Completion of the transaction is expected to occur in the first quarter of 2004.
Robert L. Norton, FTD's CEO, will continue in his position. He will exchange a portion of his equity holdings in FTD for equity in the surviving company. Other members of FTD management will be offered the chance to participate in similar exchanges.
FTD's florist business mainly markets floral products and services to about 20,000 FTD members and other retail locations offering floral products in North America, and connects about 29,000 more florists through affiliated or related organizations in 150 countries beyond North America. FTD sells flowers and specialty gifts direct to consumers mainly via www.FTD.com and 800-SEND-FTD.
Leonard Green & Partners is a private, Los Angeles-based merchant banking firm specializing in management buyouts, taking firms private and recapitalizations of public and private companies.