Business Wire

Paper Source to Be Acquired by Elliott

Share

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.

To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.

Contact information

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

About Business Wire

For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.

Subscribe to releases from Business Wire

Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from Business Wire

Esri’s Dr. Este Geraghty Receives HIMSS21 Most Influential Women in Health IT Award From HIMSS14.6.2021 19:10:00 EEST | Press release

HIMSS has announced Dr. Este Geraghty, the Chief Medical Officer for location intelligence world leader Esri, as a recipient of the Most Influential Women in Health IT Award. The award recognizes and celebrates influential women who harness the power of information and technology to transform health and healthcare. The winners are unique among power lists and award programs as it is inclusive of all women of influence, no matter where they may be in the health information and technology field. Dr. Este Geraghty, MD, MS, MPH, CPH, GISP, leads strategy and messaging for Esri’s Health and Human Services sector. Dr. Geraghty has been with the company since 2014 and has led business development and solution development in the market. During her time at Esri, Dr. Geraghty has helped organizations around the world use location intelligence to combat Zika virus, finish the fight against polio, grapple with the opioid crisis, combat homelessness, enhance health preparedness and response, inform

Verimatrix COO Asaf Ashkenazi To Present at Questex’s 2021 StreamTV Show14.6.2021 18:45:00 EEST | Press release

Regulatory News: Verimatrix, (Paris:VMX), the leader in powering the modern connected world with people-centered security, today announced that COO Asaf Ashkenazi is slated to present a partner keynote session during the virtual StreamTV Show. The event is free and registration is available here. Scheduled to take place at 4 p.m. Eastern Time on Tuesday, June 15, Ashkenazi’s session is titled, “Security That Enables Amazing.” Aiming to educate viewers on the latest threats to streaming services, he will also outline the specific approaches to combating them while enabling new types of events and spawning new products. The keynote will introduce how to disrupt the pirates’ business model and dissuade them from their efforts in the first place. “While video consumption has evolved, so have piracy and other threats – making it more important than ever for streaming services to fight fire with fire,” Ashkenazi said. “We’re proud to serve as a diamond sponsor of this year’s StreamTV Show an

GE Aviation and Safran Launch Advanced Technology Demonstration Program for Sustainable Engines; Extend CFM Partnership to 205014.6.2021 17:33:00 EEST | Press release

GE Aviation and Safran today launched a bold technology development program targeting more than 20 percent lower fuel consumption and CO2 emissions compared to today’s engines. The CFM RISE (Revolutionary Innovation for Sustainable Engines) program will demonstrate and mature a range of new, disruptive technologies for future engines that could enter service by the mid-2030s. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210614005533/en/ John Slattery, President and CEO of GE Aviation and Olivier Andriès, CEO of Safran sign agreement extending the CFM International 50/50 partnership to the year 2050, declaring their intent to lead the way for more sustainable aviation in line with the industry’s commitment to halve CO2 emissions by 2050. (Photo: Business Wire) The companies today also signed an agreement extending the CFM International 50/50 partnership to the year 2050, declaring their intent to lead the way for more susta

Wipro Enables Zero Cost Transformation with Oracle Cloud Infrastructure14.6.2021 16:45:00 EEST | Press release

Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO), a leading global information technology, consulting and business process services company, today announced it is collaborating with Oracle to launch Wipro Zero Cost Transformation, a new offering that helps organizations migrate to the cloud. Wipro is a member of Oracle PartnerNetwork (OPN). As enterprises seek to generate value from the cloud, their journey is often hindered by excessive costs, ineffective implementations and slow processes. With Wipro’s Zero Cost Transformation, companies can migrate their workloads to Oracle Cloud Infrastructure (OCI) with lower cost, shift from a Capital expenditures (CapEx) to Operating expenses (OpEx) model, and benefit from application and infrastructure support provided under a managed-services framework. Zero Cost Transformation eliminates the challenge of dealing with multiple service providers for cloud migration and support. It also provides a seamless and risk-mitigated migration, as Wipr

Wejo to Participate in Inaugural Credit Suisse Mobility Start-up Forum14.6.2021 16:00:00 EEST | Press release

Wejo Limited (“Wejo”), a global leader in connected vehicle data, announced today that it will participate in the Inaugural Credit Suisse Mobility Start-up Forum on Tuesday, June 22, 2021. Wejo Founder and CEO Richard Barlow and CFO John Maxwell will hold one-on-one conversations with investors to discuss the company’s mission to revolutionize the way we live, work and travel through connected vehicle data. For additional information for investors, please visit https://www.wejo.com/investor-relations. About Wejo Wejo is the leader in connected vehicle data, revolutionizing the way we live, work and travel by transforming and interpreting historic and near-real-time vehicle data. The company enables smarter mobility by organizing trillions of data points from over 11 million vehicles and more than 44.4 billion of journeys globally, across multiple brands, makes and models, and then standardizing and enhancing those streams of data on a vast scale. Wejo partners with ethical, like-minded

QCT and Robin.io Announce Strategic Partnership to Modernize 5G Solutions14.6.2021 16:00:00 EEST | Press release

Robin.io, the 5G and application automation platform company, and Quanta Cloud Technology (QCT), a global data center solution provider, today announced a strategic partnership through which the companies will jointly offer solutions that significantly reduce the costs, complexities and deployment times for mobile network operators (MNOs) and communication service providers (CSPs) rolling out next-gen networks and services. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210614005152/en/ The Robin.io core technologies — Multi Cluster Automation Platform (MDCAP), Robin Cloud Native Platform (CNP), Robin Cloud Native Storage (CNS) — hyper-automation that orchestrates and manages the lifecycles of bare-metal infrastructures, 3rd party appliances, Virtual Network Functions (NVFs), Cloud-native Network Functions (CNFs) and services, with built-in logging, monitoring and policy engines, for closed loop automation, managed through a

Quest Appoints Brian Brugman as Director of Research14.6.2021 15:00:00 EEST | Press release

Quest Partners LLC (“Quest”), a quantitative investment firm managing nearly $1.8 billion of assets on behalf of some of the world’s largest institutions, today announced that Brian Brugman joined the firm as Director of Research. In the role, Mr. Brugman will spearhead Quest’s research and investment strategy development alongside Quest’s Founder and Chief Investment Officer, Nigol Koulajian. He will also join Quest’s management committee. “Brian’s breadth of experience in designing quantitative strategies with considerations around convexity risk bodes well with Quest’s differentiated approach to systematic macro trading,” said Mr. Koulajian. “He is joining as we are nearing the completion of a multi-year process to build out a state-of-the-art investment infrastructure to dramatically increase the efficiency and scalability of our research process. Brian will play a critical role in leveraging that technology and our research team to pursue highly valuable, negatively correlated ret

In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.

Visit our pressroom