Card Factory has announced its strategic entry into the US market with the successful acquisition of Minnesota-based Garven Holdings.
- The deal, valued at $25 million (£20m), marks a significant step in Card Factory’s international expansion plans.
- Garven Holdings, known for its brands Garven Design and Cadence Packaging, will offer Card Factory new opportunities in the £70bn US celebration market.
- With Anne Schulze and Walter Jungbauer remaining in leadership roles, the transition is set to be seamless.
- The acquisition supports Card Factory’s strategic aim to enhance its international partnerships.
Card Factory has firmly positioned itself within the US market by acquiring Garven Holdings for $25 million (£20 million). This acquisition is a considerable advancement in Card Factory’s international growth strategy, enabling a firm foothold in the vast US celebration market worth approximately £70 billion.
Garven Holdings operates under the brands Garven Design and Cadence Packaging and is renowned for its gifts and celebration essentials. Its extensive customer base across both general and specialty retail sectors provides Card Factory with the chance to explore potential synergies in design and buying, as well as introducing its own product ranges to the US wholesale market.
The retention of Chief Operating Officer Anne Schulze and Chief Financial Officer Walter Jungbauer ensures continuity and stability in operations at Garven. Their proven leadership is anticipated to aid in integrating Garven’s operations with Card Factory’s strategic objectives.
Darcy Willson-Rymer, Card Factory’s CEO, remarked on the strategic importance of this acquisition, emphasising its role in establishing a physical US presence alongside the existing wholesale supply agreements covering over 1,100 stores across the country. He stated, “The acquisition of Garven is an important strategic milestone in our partnerships strategy.”
By integrating Garven Holdings, Card Factory aims to leverage Garven’s established reputation for quality products and outstanding design capabilities, furthering its goal to scale up in the US market. Card Factory’s leadership believes this move will bolster existing commercial relationships and foster new ones across the globe’s largest celebration occasions market.
The company reported their trading performance as aligning with expectations for the latter half of the year, noting a robust start to the Christmas trading period. Card Factory remains on schedule with its productivity and efficiency enhancements, setting the stage for a potentially prosperous peak trading season at year-end.
The acquisition of Garven Holdings marks a pivotal step for Card Factory, solidifying its presence in the expansive US celebration market.
