Grassroots Group To Be Acquired By Blackhawk Network
New York Stock Exchange listed company, Blackhawk Network Holdings (a market leading prepaid and payments group) have recently entered in to an agreement to acquire Grassroots Groups.
The acquisition is rumoured to cost in the region of $118 million USD and it is currently awaiting final approval from the British Foreign and Commonwealth Office (FCO). It is hoped that approval will be granted to purchase the Hertfordshire based company within the next 30-100 days.
The purchase is expected to allow Blackhawk more opportunities in the UK market. It will allow them to offer global reward and incentive programs through Grass Roots’ employee and customer engagement solutions. Grass Roots at present offer corporate event planning, production, registration and meeting management solutions and technology
Grass Roots CEO, Richard Bandell stated that, “We are really excited about the opportunities this partnership brings to Grass Roots. Joining Blackhawk opens up significant growth opportunities, transforming us into a leading global business and allowing us to inspire more people worldwide. Together, the two companies will have increased scale and scope, and we will bring those benefits to our clients and partners.”
Bill Tauscher, Blackhawk executive chairman said: “The acquisition of Grass Roots complements the existing client portfolio of Blackhawk’s incentives business, and enhances solutions for customers requiring global reward and incentive platforms and products. We will also offer new products and capabilities to Grass Roots’ clients.”
We will keep you posted as the acquisition develops.