1-800-Flowers.com Inc. is adding more fruit to its floral gifting empire.
The Carle Place, N.Y.-based firm said Tuesday it has agreed to purchase gourmet fruit gift provider Harry & David Holdings Inc. for $142.5 million.
The all-cash deal for Harry & David would add the Medford, Ore. firm’s Royal Riviera pears, Fruit-of-the-Month Club products and more to 1-800-Flowers' offerings.
Harry & David, which also owns the Wolferman's English muffin brand, emerged from bankruptcy in 2011. The century-old company would become 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,” 1-800-Flowers Chief Executive Jim McCann said in a statement.
The firm, known for its flower deliveries, has several brands that offer products beyond roses, including steaks, popcorn and chocolate.
It currently delivers some fruit products, but the acquisition of Harry & David would greatly expand those offerings. The companies said they expect the deal to close in October.
Shares of 1-800-Flowers rose 82 cents, or 15.92%, to $5.97 a share in afternoon trading on Wall Street.
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