Private investment firm Comvest Partners acquires the financially troubled e-retailer, which filed for Chapter 11 bankruptcy protection in March.
The acquisition of Albumprinter fits into Vistaprint’s growth plans.
Online print and small business services retailer Vistaprint NV said this week it will buy Albumprinter, a company based in the Netherlands that sells photo books and products. Vistaprint will pay at least 60 million euros (US$83.4 million) for the Dutch firm, with an additional payment of 5 million euros (US$6.9 million) possible if Albumprinter meets unspecified financial goals.
Vistaprint, which has its U.S. offices in Lexington, MA, expects to close the deal within a month. Vistaprint is No. 36 in the Internet Retailer Top 500 Guide. The deal fits into Vistaprint’s plan to become a $2 billion a year online retailer by 2016, in part through acquisitions. In the fiscal year ended June 30, Vistaprint booked $817 million in revenue, up 21.9% from $670 million for the previous year.
The privately held Albumprinter earned 37 million euros (US$51.4 million) in revenue for the year ended Sept. 30, Vistaprint says. Albumprinter employs 150 workers and primarily serves consumers in the Netherlands, Belgium, United Kingdom, Germany, France, Sweden and Norway. The company operates a factory in the Hague, Netherlands. The company sells online as well as through retail stores.
“We look forward to welcoming the Albumprinter team and to combining our talent and strengths in support of customers throughout Europe,” says Robert Keane, president and CEO of Vistaprint. “Albumprinter brings a company culture focused on customer satisfaction, intuitive user interface software, strong photo book manufacturing experience, a premium brand and a solid financial profile.”