Funky Pigeon — Acquisition by Card Factory
UK online retailer specialising in personalised greetings cards and gifts, acquired by Card Factory, illustrating how an established online brand, customer base and personalised product offering can support a valuation around the typical e-commerce sector range.
Acquirer
Card Factory
Year
2026
Purchase Price
£25.7m
Revenue
~£32m
Adjusted EBITDA
~£5m
EBITDA Multiple
~5.1×
Industry
E-Commerce Business
Transaction
Card Factory plc acquired Funky Pigeon for £25.7m in cash in August 2026. Over the two financial years prior to the acquisition, Funky Pigeon generated average annual revenue of approximately £32m and average annual EBITDA of approximately £5m, implying an acquisition multiple of around 5.1× average historical EBITDA. Funky Pigeon operates an established online platform selling personalised greetings cards and gifts directly to consumers. The acquisition expanded Card Factory's presence in online personalised gifting and provided opportunities to combine Funky Pigeon's digital capabilities and customer base with Card Factory's wider retail and production operations.
Why the Premium?
- Established online brand in personalised gifting
- Direct-to-consumer e-commerce platform
- Loyal customer base and personalised product offering
- Strategic fit with Card Factory's retail and production operations
- Opportunities to combine digital capabilities with physical retail scale
SME Takeaway
Funky Pigeon's revenue fell within the SME Multiples $1–$50M benchmark. The transaction provides a useful example of a scaled, profitable e-commerce business being acquired at approximately 5× EBITDA. The ~5.1× multiple is based on the £25.7m cash purchase price and approximately £5m of average historical EBITDA.
Disclaimer: Case study figures are based on publicly available information and are provided for illustrative purposes only. Transaction values, EBITDA figures and implied multiples may reflect different reporting periods, definitions and deal structures, and some multiples are calculated from disclosed figures rather than reported by the parties. They are not formal valuations, investment advice or a substitute for independent professional advice.