Shutterfly Will Buy Spoonflower in a $225 Million Deal
Shutterfly agreed to buy home decor marketplace Spoonflower as the personalized-photography platform seeks to expand its reach in the creator economy.
Spoonflower, which specializes in fabrics and wallpaper, will be acquired for $225 million in cash and equity, including debt, in a deal that will add to earnings, according to an emailed statement from Shutterfly, which is controlled by Apollo Global Management Inc. The transaction is expected to be completed in the third quarter.
“We look at this as a very strategic acquisition,” Shutterfly Chief Executive Officer Hilary Schneider said in an interview Monday. “Home decor is our fastest-growing category, and with the addition of Spoonflower, our growth trajectory is going to accelerate further.”
