Gerald Stevens Inc. said yesterday that it will sell its Florafax floral wire service business and its Calyx & Corolla floral catalog business to its chief operating officer for $20 million.
Both businesses are to be sold to Equity Resource Partners Inc., a company led by Andrew W. Williams, COO for Gerald Stevens' order generation division.
The move allows Stevens, Fort Lauderdale, FL, to reduce its debt. The company has outstanding borrowing of $32 million under its credit facility.
The sale of the catalog business is expected to occur on Feb. 28, while the sale of the wire service is scheduled for March 30.
