Vistaprint N.V., a leading online provider of professional marketing products and services for small businesses and consumers, today announced that it is going to acquire Albumprinter, a privately held Dutch photo book and photo product company, for €60 million payable at closing and up to an additional €5 million based on a performance based earn-out (to be paid in cash if Albumprinter meets certain financial targets in 2012).
Albumprinter was founded in 2003 and is based in Amsterdam, with a manufacturing presence in the Hague. The young company is one of the top providers of photo books in the estimated €400 million European online photo book market. With approximately €37 million in revenue in the trailing twelve months (ended September 30, 2011), the company employs about 150 full-time employees, and has a primary market presence in the Netherlands, Belgium, the UK, Germany, France, Norway and Sweden.
“We look forward to welcoming the Albumprinter team and to combining our talent and strengths in support of customers throughout Europe. Albumprinter brings a company culture focused on customer satisfaction, intuitive user interface software, strong photo book manufacturing experience, a premium brand and a solid financial profile,” said Robert Keane, President and CEO of Vistaprint (HQ in Venlo, Netherland).
Albumprinter CEO Kees Arends added, “We expect to provide a product line and expertise that complement Vistaprint’s current offerings and geographic reach in the European market. As a company with a similar focus on core capabilities, we are excited about further development of our products and services in order to address what we believe to be a large and growing opportunity.”