Redwood City, CA—Shutterfly, Inc., and Apollo Funds, which is managed by affiliates of Apollo Global Management, successfully completed the transaction in which Shutterfly was acquired by thee affiliates of the Apollo Funds. The acquisition represents an enterprise value of approximately $2.7 billion. Shutterfly is a retailer and manufacturing platform dedicated to helping capture, preserve and share life’s moments.
However, the companies stated that the proposed combination of Shutterfly with Snapfish, LLC, is still in process. That merger was announced simultaneously in June 2019 with the Shutterfly transaction.
“We are thrilled to finalize this transaction, which benefits our stakeholders, including customers, partners and employees,” said Ryan O’Hara, Shutterfly’s president and chief executive officer. “Today marks a new era for Shutterfly as we work with the talented team at Apollo to advance our primary goals of product and mobile innovation; as well as ongoing integration efforts with Lifetouch, while continuing to drive momentum in our manufacturing and technology investments.
“Across our businesses, we help tens of millions of customers capture, preserve and share their most precious memories,” added O’Hara. “As Shutterfly celebrates 20 years leading the memories market, with more than 10,000 employees across North America working to generate over $2 billion in annual revenue, we’re thrilled to take this important next step with Apollo.”
Shutterfly Inc. Stockholders
As a result of the transaction, Shutterfly stockholders will receive $51.00 per share in cash in exchange for their shares of Shutterfly common stock. Now a privately held company, Shutterfly shares are no longer listed on NASDAQ.
“We’re excited to welcome Shutterfly into the Apollo family of companies,” said David Sambur, senior partner at Apollo. “Across its three divisions, Shutterfly Consumer, Shutterfly Business Solutions and Lifetouch, the company has developed industry-leading platforms while cultivating deep customer relationships.
“We look forward to working with the teams to grow each of the businesses. And to advance efforts to deliver exceptional customer experiences across personalized products and photography.”
Founded in 1999, Shutterfly has three divisions. Shutterfly Consumer and Lifetouch help consumers preserve and share life’s important moments. They so through professional and personal photography, as well as personalized products. The company offers photo books, as well as photo-related gifts, home décor, cards and stationery.
Lifetouch is the national leader in school photography; it reflects the enduring tradition of “Picture Day.” It also serves families through portrait studios and other partnerships.
Moreover, Shutterfly Business Solutions delivers digital printing services that enable customer engagement through personalized communications.