WESTLAKE, Ohio — American Greetings has announced a new investor will purchase a majority of the card company.
Clayton, Dubilier and Rice will acquire a 60 percent ownership stake in American Greetings, according to a press release. The Weiss Family, descendants of Jacob Sapirstein, who founded the company in 1906, will retain a 40 percent stake in the business.
The move is meant to help strengthen the company’s competitive positioning and long-term growth and profitability.
It’s too soon to know what, if any, changes consumers will see, including at its headquarters in Westlake.