Prime Ventures sells Greetz to trade

Photobox is a portfolio company of both Exponent Private Equity and Electra Private Equity.

The GPs bought the business in 2015 from previous owners Highland Capital Partners, Index Ventures and HarbourVest Partners. The deal was valued at around £400m, Unquote reported at the time.

Founded in 2000 and headquartered in London, Photobox offers photobooks, personalised apparel, gifts and greeting cards. In the fiscal year ending in April 2017, it generated £325m (€363m) in revenue.

Previous funding
A first €5m round round for Greetz was provided by Prime Ventures in 2007. The VC firm, together with new investor ePlanet Ventures, invested €7m in a series-B round in 2009.

Company
Founded in 2001 as an online greetings cards service, Greetz has become a personal gifting specialist, selling flowers, chocolate, beverages and balloons online. The business generated €26.7m in net revenue in 2016. Greetz is based in Amsterdam. 

People
Photobox Group - Jody Ford (CEO).
Greetz - Niek Veendrick (CEO).  
Prime Ventures - Sake Bosch (managing partner).

Advisers
Equity - Houlihan Lokey (corporate finance), Allen & Overy (legal), KPMG (financial due diligence).
Vendor - Nielen Schuman (corporate finance), Olym (legal), Deloitte (vendor due diligence).

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• Topics
• Exits
• Portfolio management
• Benelux
• Consumer
• Netherlands
• Exponent Private Equity
• Electra Private Equity
• Prime Technology Ventures
• Build-up
• Trade sale