Carle Place, N.Y. -- 1-800-Flowers.com Inc. has entered into an agreement to acquire gourmet food and gift retailer Harry & David Holdings for $142.5 million in cash.
The deal includes Harry & David’s brands and websites as well as its headquarters, manufacturing and distribution facilities and orchards in Medford, Oregon, a warehouse and distribution facility in Hebron, Ohio, and 47 Harry & David stores.
Harry & David’s current senior management team will remain with the business, which will operate as a wholly owned subsidiary of 1-800-Flowers.
“We are extremely pleased to be adding the iconic Harry & David name to our growing family of great gifting brands.
“Harry & David has steadily grown its top and bottom-line for the past several years, with revenues reaching nearly $400 million in its most recent reported fiscal year,” said Jim McCann, CEO, 1-800-Flowers.
The combined company will have total annual revenue of more than $1 billion.