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1-800-Flowers buys DesignPac for $36 million in cash

By Associated Press
April 30, 2008 | Comments (0)

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Online floral and gift retailer 1-800-Flowers.com on Wednesday said it acquired DesignPac Gifts LLC, a designer of gourmet gift baskets, for $36 million in cash.

Carle Place, N.Y.-based 1-800-Flowers.com said the deal expands its capability in making gift baskets and gift sets.

DesignPac will continue to be based in Melrose Park, Ill.

1-800-Flowers said the deal will hurt fourth quarter results but help earnings in fiscal 2009, which begins in July.

Shares rose 12 cents to $8.94 during aftermarket electronic trading, after closing down 6 cents at $8.82.

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