13266 Thu, 12/13/2007 - 5:57pm
NASHVILLE, Tenn.-- CSS Industries, maker of seasonal paper and gift products, has purchased C.R. Gibson, the stationery and photo album company that owns Burnes Home Accents, for an undisclosed sum.
C.R. Gibson will remain a stand-alone unit. Burnes, the photo frame division that was acquired last year, was not part of the sale and will remain privately held.
"It's only been 16 months since the Burnes acquisition; rebuilding is still under way," said Joseph Moore, president and vice chairman of C.R. Gibson, in a statement. "Any structural changes at this time would be premature and impractical, from both operational and financial points of view."
C.R. Gibson, which is owned by the Anderson family and its investment group, was not looking to sell the company, but felt compelled to explore the benefits of a sale when approached by CSS, according to Moore, who remains president of the company.
CSS, meanwhile, sought businesses with strong brands that offered growth potential. C.R. Gibson's everyday business will complement that of CSS, which is seasonally driven, said Christopher Munyan, president and chief executive officer.
"C.R. Gibson's product mix, brand recognition and customer relationships' not to mention its consecutive years of double-digit growth' make this company a very attractive proposition," Munyan said in a statement. "This transaction represents an important opportunity to increase our scale in the design, marketing, distribution and sale of all-occasion products and to establish a strong platform for growth. We look forward to the continuing contributions of C.R. Gibson's strong management team."
The deal is expected to close Nov. 30.