July 28, 2015

PhotoBox Group acquires posterXXL

PhotoBox Holdco Limited (PhotoBox), Europe’s well known digital consumer service for personalized picture products and gifts has acquired Munich-based posterXXL, a successful service in Germany’s online photo print market. The announcement follows the acquisition of Spanish market leader, Hofmann in December 2014, and marks another major milestone in PhotoBox’s strategy to lead the European personalisation space by adding the popular PosterXXL brand to its portfolio of the PhotoBox, Moonpig, PaperShaker, Sticky9, Hofmann and Posterjack trade marks.

The acquisition of posterXXL will significantly boost PhotoBox’s presence in Germany, taking a 10% share of the estimated Euro 483.3 million German online photo market (according to Futuresource) and strengthening PhotoBox’s Number One position in the European B2C market.

Founded in 2004 in Munich (Germany), posterXXL has built an excellent market position in the online personalized printing space by offering online large format photo printing (posters, canvas prints, and framed prints) and establishing a high-profile brand with a significant presence in Germany and Austria.

In the most recent fiscal year 2014/15 revenues (ending Feb 28, 2015), Poster XXL recorded an EBITDA of Euro 8 million on sales of Euro 39 million. representing a 25 percent growth year-onyear.

According to a press release, the acquisition will be financed by an extended debt facility provided by Barclays Bank PLC, The Royal Bank of Scotland plc and Santander. Commenting on the transaction, PhotoBox Group President and CEO, Stan Laurent, said: “The acquisition of posterXXL is ground-breaking for PhotoBox, delivering yet more scale to the Group and a prime position in Germany, by far the largest photo market in Europe. We’re excited to add a new leading brand and a highly entrepreneurial team to our family of personalisation services. This is XXL in all respects!”

Christian Schnagl, Founder & CEO of posterXXL, added: “This is a combination of two of the most successful and innovative businesses in the photo printing space in Europe. The team and I are excited to be joining PhotoBox to continue expanding posterXXL and to participate in the creation of the largest B2C personalisation business in Europe.”

The acquisition of posterXXL has been announced in conjunction with the Photobox’s financial results for the 12 months ended 30 April 2015, which reflect another year of strong progress across the board. Sales totaled £ 215,3 million (Euro 304 million), a plusof 22.8 percent year-on-year, driven by organic growth as well as strong growth of mobile transactions. The operating result (underlying EBITDA) increased 44.4 percent to £ 28.6 million (Euro 40.4 million).

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