American private equity firm, Apollo Global Management (AGM) has agreed to acquire photo printing platforms Shutterfly and Snapfish. According to Reuters, AGM is set to purchase Shutterfly for US$2.7 billion, including US$900 million in debt. AGM also announced intentions to purchase Snapfish, another Internet-based retailer of photography products. And, apparently, it plans to merge them together.
Shutterfly is based in Redwood City, California and sells personalised consumer photography products such as photo books, greeting cards, stationery, calendars and the like. It was founded in 1999 and competes with similar online services such as Vistaprint and Snapfish – the latter of which is also to be acquired and merged with Shutterfly.
Last year, Shutterfly acquired the privately owned Lifetouch, a company which provides photography services to schools and families, for US$825 million in cash. There’s no word on what will happen with Lifetouch, so presumably, it’s business as usual for them.