Gerald Stevens Inc., the flower direct marketer based in Fort Lauderdale, FL, will sell its Florafax floral wire service and its Calyx & Corolla catalog for $20 million, partly to reduce company debt.
The businesses are to be sold to Equity Resource Partners, Inc., a company led by COO Andrew W. Williams.
“The divestitures will also enable us to reduce our debt to a level more appropriate for the size and scope of our company, CEO John Hall said, in a statement. “Currently, we have outstanding borrowings of approximately $32 million under our credit facility. The net proceeds from these transactions will reduce our borrowings significantly and give us adequate availability under our facility.”
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