Gift Universe, which is the parent company of gifts and gadgets retailer ,Menkind, has completed its acquisition of family run gifting brand, Prezzybox, for an undisclosed sum.
The acquisition will enable Gift Universe to extend its reach into the female gifting market alongside Menkind’s male focused proposition. It follows Gift Universe’s earlier acquisition of Hawkin’s Bazaar toy retail business.
Founded in 2000 by Zak Edwards, Prezzbox had a mission ‘to create moments of happiness by delivering the extraordinary’. The acquisition will see no major changes take place to Prezzybox, which will maintaining its brand name, identity, ethos and value proposition. Gift Universe will seek synergies across the buying, marketing and finance functions with a view to benefiting the company and its loyal customer base.
Prezzybox commercial director, Barney Edwards, commented: “We’re pleased that the business is going into Gift Universe’s capable hands and look forward to seeing it go from strength to strength in the future. As a family, we have put a huge amount of effort into building the business and we are happy to pass it on to a company that can help it achieve its potential.
“We are thankful to all the external stakeholders we have worked with and, most importantly, we would like to thank our many team members from over the years. Despite growing into a big operation from a small family business, we have always felt like one big family.”
The CEO of Gift Universe, Paul Kraftman, says: “We are excited to continue the growth of our business through the acquisition of this well-established family brand. The acquisition of Prezzybox provides further opportunity to develop and grow our offering and increase our foothold in the gifting industry, enabling us to continue to expand our customer base”