Jostens To Buy Jewelry Co. For $486M, Appoints Mooty CEO
Jostens has announced plans to acquire commemorative product manufacturer American Achievement Corporation and has appointed Chuck Mooty as its new CEO.
The Minneapolis-based company signed a definitive agreement on Tuesday to purchase Austin, Texas-based American Achievement Group Holding Corporation—the parent company of several brands, including ArtCarved, Balfour, Keepsake, and Taylor Publishing.
The deal, valued at $486 million, is subject to regulatory approval, according to a statement filed with the U.S. Securities and Exchange Commission. It is expected to close no later than the second quarter of 2014.
A Jostens spokeswoman declined to disclose the company's revenues or to say how the acquisition is expected to affect sales.
Jostens—which manufactures class and professional sports rings (including a 14-karat gold championship ring for the Miami Heat), graduation apparel, yearbooks, and other memorabilia—said American Achievement’s specialties line up with its own products.
“The transaction brings together the talents of the two great companies and will enhance our opportunities to continue to provide the best products and services to our industry,” Jostens Chief Financial Officer Jim Simpson said in a statement.
American Achievement, which manufactures commemorative jewelry and products such as class rings, yearbooks, and letter jackets, currently employs approximately 1,000 people. The Jostens spokeswoman declined to comment on whether the company would retain those employees or whether American Achievement would retain its name and its current offices.
Jostens also announced Tuesday that it has appointed Chuck Mooty, the former interim CEO of Fairview Health Services, to the positions of CEO and president. Mooty, who will assume the full-time roles on January 1, will also serve on the boards of directors of Jostens and Visant Corporation (Jostens’ parent company).
In addition to serving as interim CEO of Fairview Health Services, Mooty was formerly the CEO and president of Faribault Woolen Mills. Prior to those positions, Mooty served as CEO and president of International Dairy Queen.
“I have always enjoyed working with heritage brands in my past and Jostens is another wonderful opportunity to bring pride, relevance, and new energy to its products and services,” Mooty said in a statement.
Jostens’ CEO and president positions have been vacant since January when Tim Larson exited the company. Simpson acted as CEO during the interim period. The company’s board of directors said in a statement that Mooty’s role will help to drive “the mission and strategy of the organization,” particularly during the acquisition of American Achievement.
“Chuck’s experience in leading organizations through change management resulting in corporate growth makes him the ideal candidate to lead Jostens,” Simpson said in a statement. “With his passion and commitment to excellence, Chuck’s leadership will drive continued value delivered to our customers through our products, programs, and services.”
Jostens is a subsidiary of Visant, an Armonk, New York-based marketing and publishing services company that serves the education, fragrance and cosmetics, and educational and trade publishing industries. Visant reported $1.2 billion in revenue for the fiscal year that ended December 29. Jostens currently employs 2,564—770 of whom are based in Minneapolis, Eagan, and Owatonna.