Business In News
FTD and From You Flowers (FYF) have completed a merger that has created a global floral and gifting platform. FTD is a portfolio company of Nexus Capital Management and FYF is a subsidiary company of Tenth Avenue Holdings. Michael Chapin, Founder and CEO of From You Flowers, will take over as CEO of the combined company. Financial details of the deal were not released.
“We are bringing together two business with a shared vision to deliver exceptional service to our florist members and consumers,” said Chapin in a statement. “The merger will enable From You Flowers’ best-in-class ecommerce operation to accelerate the growth of FTD’s already impressive floral distribution network.”
The combined business, which is expected to benefit from a wide range of synergies, will house a high-profile collection of consumer brands, including the named brands and Proflowers. “The merger creates scale and efficiencies that will be reinvested in florist member technology and stronger services to help our members grow,” said Chapin.
FTD, originally founded in 1910, has been implementing a number of tech enhancements since 2020, including updates to its Mercury Online platform implemented in May 2022.