Moonpig owner Photobox snapped up by Exponent Private Equity and Electra Partners
The owner of online greeting card website Moongpig.com, Photobox, has received a buyout offer from Exponent Private Equity and Electra Partners which is reportedly around £400m.
It comes over a year after Photobox abandoned plans to float on the London Stock Exchange for £500m, citing the volatile stock market performance of other companies which had taken the plunge.
The offer is still subject to certain conditions, such as a consultation with employee representatives and anti-trust clearance.
Read more: Moonpig owner is set for £500m listing in London
"PhotoBox is the market leader in Europe and is uniquely placed due to its scale to capture further growth as the macro trend for personalised gifts continues," Bill Priestley, partner at Electra Partners, the manager of Electra, said.
Photobox's chief executive, Stan Laurent, added: "We’re excited that Exponent and Electra Partners, both with impressive track records of building great businesses, share our vision about continuing to develop the most “personal” e-commerce business in Europe, celebrating millions of customers’ memories, birthdays and other happy moments. Their welcome cards are in the post!."