On December 20, 2024, Elliott Investment Management (Elliott) agreed to acquire a majority stake in American Greetings, a global leader in Celebration products. American Greetings, known for brands like Papyrus and Carlton Cards, operates in the U.S., Canada, the UK, Australia, and New Zealand. CD&R and the Weiss family retained a minority interest.

Paul Best of Elliott will become Chairman, while CEO Joe Arcuri will continue in his role. Elliott, a global investment firm, has investments that extend to Canada. CD&R is a private equity firm with portfolio companies that also operate in Canada. The deal, expected to close in Q1 2025, aims to accelerate growth.

Legal advisors included Davis Polk for Elliott and Debevoise & Plimpton for American Greetings, with financial advisors UBS, Centerview, and BofA Securities involved.