Gateway Mercury to Buy FTD Assets for $118M, Dow Jones Reports

[WillieeArmellini]

Gateway Mercury to Buy FTD Assets for $118M, Dow Jones Reports

Posted Aug. 1, 2019, 7:07 AM

Gateway Mercury, a private equity firm affiliated with Nexus Capital Management, is buying flower-delivery service FTD Cos. after a court-supervised auction for $118m, Dow Jones reports, citing an unidentified person familiar with the matter. 

• The price is higher than Gateway’s $95m stalking-horse, or lead, bid; companies in bankruptcy often use a stalking-horse to spur bidding and set a floor price for the assets on sale: DJ
• 1-800 Flowers.com Inc. and another buyer bought other business segments, with all of FTD’s assets fetching a total of $158m

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