Card Factory makes a significant move into the US market through a £20 million acquisition of Garven Holdings.
- This acquisition aligns with Card Factory’s international growth strategy by entering the £70bn US celebration market.
- Garven Holdings, operating under Garven Design and Cadence Packaging, adds valuable design and wholesale expertise to Card Factory.
- Key management figures at Garven will remain to ensure continuity in operations.
- Card Factory reports strong trading performance and remains optimistic about year-end prospects.
Card Factory, a prominent UK retailer, has strategically entered the US market by acquiring Minnesota-based Garven Holdings for $25 million. This acquisition marks a critical step in Card Factory’s international expansion strategy, aiming to capitalise on the substantial £70bn US celebration market. The acquisition is expected to accelerate the company’s partnerships strategy, strengthening its presence in a key international market.
Garven Holdings is recognised for its expertise in designing and wholesaling gifts and celebration essentials, operating under the brands Garven Design and Cadence Packaging. This aligns seamlessly with Card Factory’s existing operations, allowing exploration of design and buying synergies, and opening avenues to introduce Card Factory’s product lines into the US wholesale market.
The retention of Anne Schulze as Chief Operating Officer and Walter Jungbauer as Chief Financial Officer at Garven Holdings ensures stability and continuity in its business operations. Their leadership is expected to facilitate a smooth transition and integration with Card Factory’s strategic objectives.
Darcy Willson-Rymer, CEO of Card Factory, remarked on the acquisition’s strategic importance, noting that it not only establishes a physical presence in the US market but also leverages Garven’s reputation for quality and design excellence. The acquisition is viewed as a vital element of the company’s growth objectives in partnership-driven strategies.
Alongside the acquisition, Card Factory has noted satisfying trading results in the latter half of the year, driven by a positive start to the Christmas season. The firm has maintained its forecast for the full year, with confidence in navigating through the peak Christmas trading period.
Card Factory’s acquisition of Garven Holdings marks a pivotal advancement in its global growth ambitions.
