1-800-FLOWERS.COM To Buy Harry & David For $142.5 Mln In Cash - Quick Facts

(RTTNews) - 1-800-FLOWERS.COM Inc. (FLWS), multi-channel retailer of thoughtful gifts for all occasions, announced Tuesday that it agreed to acquire Harry & David Holdings Inc., multi-channel specialty retailer and producer of branded premium gift-quality fruit, gourmet food products and other gifts marketed under the Harry & David, Wolferman's and Cushman's brands, for $142.5 million in cash.

Signature Harry & David products include its flagship Royal Riviera pears, Fruit-of-the-Month Club products, Tower of Treats gifts, Moose Munch caramel and chocolate popcorn snacks, Wolferman's specialty English muffins and other breakfast products, and Cushman's HoneyBells citrus gifts, among other products.

The acquisition includes Harry & David's brands and websites as well as its headquarters, manufacturing and distribution facilities and orchards in Medford, Oregon, a warehouse and distribution facility in Hebron, Ohio and 47 Harry & David retail stores located throughout the country.

1-800-FLOWERS.COM stated that Harry & David's current senior management team will remain with the business, which will become a wholly owned subsidiary of the company.

The company noted that the deal would be accretive to the Company's top and bottom line results in the current fiscal year.

Jim McCann, CEO of 1-800-FLOWERS.COM, said, "We are extremely pleased to be adding the iconic Harry & David name to our growing family of great gifting brands. Harry & David has steadily grown its top and bottom-line for the past several years, with revenues reaching nearly $400 million in its most recent reported fiscal year. This combination will increase our total annual revenue to more than $1 billion and add to our EBITDA, EPS and Free Cash Flow."