Sunday, June 20, 2021
News
NEWS HOME
»
PRESS RELEASES

Paper Source to Be Acquired by Elliott
  SocialTwist Tell-a-Friend  
   


Date: 12-05-2021 11:40AM
Source: Elliott Advisors (UK) Limited
Category: Business/ Finance, Financial Analyst & Investors, General, Entertainment, Banking & Financial Services, Ecommerce, Education & Training, Business Services, Publishing And Printing , Retailers
Location: London, United Kingdom & CHICAGO, New York, United States

Business Wire India

Elliott Investment Management L.P. (“Elliott”) announces today that funds it advises have entered into a definitive agreement to acquire the assets and business operations of Paper Source Inc.

The acquisition of Paper Source by Elliott allows the stationery and gift retailer to emerge from Chapter 11 with the support of a well-capitalized owner committed to the development and growth of the business. Following the Chapter 11 process, Paper Source will benefit from significantly less debt on its balance sheet. It will operate from approximately 130 stores across the US, from Papersource.com, as well as its wholesale division, Waste Not Paper by Paper Source.

Elliott is also the owner of Barnes & Noble, the leading bookseller in the US with bookstores in every state. The businesses are highly complementary, with shared product ranges and a common commitment to excellent customer service. While the businesses will continue to operate independently, considerable opportunities exist for mutually beneficial retail partnerships.

Barnes & Noble has enjoyed a strong performance since its acquisition by Elliott in September 2019, overcoming a number of pandemic-imposed challenges. Elliott now looks forward to the continued progress of both retailers. James Daunt, CEO of Barnes & Noble, will have oversight responsibilities for both companies.

James Daunt, CEO of Barnes & Noble said: “I look forward to working closely with everyone at Paper Source. This is a wonderful brand, with a unique culture and community. With Paper Source’s management team, we will support and accelerate the brand’s strategic growth initiatives. Alongside this, the opportunities for Paper Source to work with Barnes & Noble are tremendously exciting for both businesses.”

Winnie Park, CEO of Paper Source said: “All of us at Paper Source are delighted with Elliott’s investment in the brand and look forward to working with them, and with James and the team at Barnes & Noble. I am so grateful for the community who have supported Paper Source through both the pandemic and the Chapter 11 process – our amazing teams, our incredibly loyal customers, landlords, and our partner and vendor community.”

Paul Best, Portfolio Manager and Head of European Private Equity at Elliott said: “As the country’s leading specialty retailer of stationery, cards and gifts, we see tremendous future potential in Paper Source’s business. We look forward to working closely with the management team to position the brand for continued growth coming out of the pandemic.”

About Paper Source

Founded in 1983, Paper Source is a premier lifestyle brand that offers a curated selection of fine papers, gifts, crafts, party supplies, wrap, greeting cards and an exclusive collection of envelopes and cards. With a mission to inspire people to Do Something Creative Every Day, Paper Source offers a creative aesthetic with a unique color palette and proprietary designs that are hand-illustrated by an in-house art and design team, as well as over 1000 artists and makers around the world. Paper Source is an iconic brand with approximately 130 stores across the U.S., a direct-to-consumer eCommerce business, and a robust wholesale network. For more information, please visit www.papersource.com.

About Barnes & Noble

Barnes & Noble, Inc. is the largest retail bookseller in the United States, and a leading retailer of content, digital media and educational products. The Company has over 600 Barnes & Noble bookstores in 50 states, as well as the Nook Digital business and one of the Web’s premier e-commerce sites, BN.com. General information on Barnes & Noble, Inc. can be found on the Company's website at www.bn.com.

About Elliott

Elliott Investment Management L.P. manages more than $42 billion of assets. Its flagship fund, Elliott Associates, L.P., was founded in 1977, making it one of the oldest funds under continuous management. The Elliott funds' investors include pension plans, sovereign wealth funds, endowments, foundations, funds-of-funds, high net worth individuals and families, and employees of the firm. Elliott Advisors (UK) Limited is an affiliate of Elliott Investment Management L.P.



CONTACTS :

Media Contacts

Paper Source (Chicago)
Noreen Heron
Heron Agency
noreen@heronagency.com

Or

Elizabeth Owens
Paper Source
eowens@papersource.com

Barnes & Noble (New York)
Amelia Mulinder
Barnes & Noble
amulinder@bn.com

Elliott (London)
Sarah Rajani CFA
Elliott Advisors (UK) Limited
T: +44 (0)20 3009 1475
srajani@elliottadvisors.co.uk

More Press Releases

C3.ai Digital Transformation Institute Announces AI for Energy and Climate Security Grantees

Moody’s Launches Moody’s Moments Video Series Providing Insight into Corporate Strategy

IDEMIA Signs With Storstockholms Lokaltrafik “SL” to Launch the World’s First Ever Public Transport EMV White Label Cards

Celebrity Face: India's No.1 Platform for Aspiring Content Creators and Fans to Photoshoot with Top Celebrities

Tally Solutions Announces the First Edition of MSME Honours

Sourced from the Himalayan Regions, Moving to the Wonders of Australia - BOHECO Joins Hands with Spring Sciences Australia

Moneycontrol App's Monthly Active Users Six Times Larger Than Its Closest Competitor for May 2021 - Similarweb

Healthcare Cloud Unicorn, Innovaccer, Certified as a Great Place to Work® Company

The Nation Gears up for the First-ever Edition of National Poker Series, India

DXC Technology Welcomes Brenda Tsai as Chief Marketing and Communications Officer

Schlumberger New Energy and Panasonic Energy of North America Announce Strategic Collaboration on New Battery-Grade Lithium Production Process

Fashion Designer Sanjukta Dutta Contributes Towards the Vaccination Drive Held in Assam Under the Guidance of Honorable Chief Minister Dr. Hemanta Biswa Sarma

Western Union Accelerates Digital Money Movement for Postal Networks Worldwide

NMIMS School of Branding and Advertising Partners with 120 Media Collective and Advertising Standards Council of India

High-Touch Spectacles Now Made Virus Free by ZEISS DuraVision AntiVirus Platinum UV

IRM India Affiliate Announces Results for May 2021 Level-1 Examination

Wipro Annual Report 2021 on Form 20-F Available Online for ADS Holders

RSA Introduces Outseer, a Spinout of its Fraud & Risk Intelligence Unit, to Transform Customer Authentication and Accelerate Revenue for the Digital Economy

Abu Dhabi Based Tablez to Expand Upon Investment in India’s Toys Sector With Its Proprietary Brand

 
 
TRENDING TOPICS
 
 
CITY NEWS
MORE CITIES
 
 
INDIA WORLD ASIA
Odisha CM inaugurates COVID hospital in ...
K'taka relaxes COVID-19 curbs; shops, ho...
'Kisan Rail' carrying mangoes chugs to D...
Now, politics over orphaned children in ...
Maharashtra BJP leader accuses NCP of vi...
Father's Day 2021: Tips to pamper your f...
More...    
 
 Top Stories
WI vs SA, 2nd Test: Bowlers tear th... 
Students travel 3 kms to access int... 
Fencing of Afghan-Pakistan border t... 
Father's Day 2021: Tips to pamper y... 
Delhi Police to form district, than... 
WTC final pretty even at moment, cr... 
New Film Policy offers J-K youth ch... 
UAE's Emirates airline to resume fl...