Executive Greetings, Inc.

Client Profile
Executive Greetings, Inc. (“EGI” or the “Company”) is a leader in the business-to-business direct marketing industry. Headquartered in New Hartford, CT, EGI markets a broad array of products including seasonal and everyday greeting cards, calendars, diaries and planners, advertising specialty products, and other business forms. The company also maintains a manufacturing facility in Grand Prairie, TX and an outbound call center in New Britain, CT.
Situation
SSG was retained in 2003 to pursue strategic alternatives for the company, which included marketing the assets for sale. Unfortunately, EGI faced a series of challenges over several years that contributed to the Company’s overall financial difficulties, including significant senior management turnover. On December 29, 2003, EGI filed for protection under Chapter 11 of the U.S. Bankruptcy Code, and simultaneously filed bidding procedures with Taylor Corporation as the stalking horse.
Solution
SSG facilitated the sale of EGI to Taylor Corporation, a global specialty printing company focusing on direct marketing and online sales of printed products. The assets were sold as a going concern for a net total consideration in excess of $70 million, resulting from a Section 363 auction. This transaction attracted multiple bidders and generated a final transaction value that was over 47% above the platform bid, and was a healthy multiple of earnings