Moonpig sold for £120 million
Online personalised greeting retailer Moonpig.com has been acquired by the digital photo service PhotoBox in a deal worth £120 million according to a report in the Financial Times.
Both Moonpig and Photobox have seen rapid growth in the last year with Moonpig’s sales increasing 21% to £38 million and Photobox’s sales rising 30%.
The two businesses will continue to function as separate brands but hope the acquisition will help them to build scale.
Nick Jenkins, who founded Moonpig and owns a 35% share in the business, will continue as an investor and adviser to the board.
Although Jenkins is making millions from the deal, he plans to reinvest in the company according to the Financial Times.
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