The Spruce House Partnership LP and related entities disclosed beneficial ownership of 2,375,708 shares in Netherlands-based Cimpress NV, representing a 7.6% stake.
The investor group acquired the shares for investment purposes. According to an Oct. 10 SEC filing, the purchase price of the 2,358,903 shares beneficially owned by the Spruce House Partnership was about $125.0 million, while the price of the 15,343 shares owned directly by Zachary Sternberg was about $742,594 and the purchase price of the 16,805 shares owned directly by Benjamin Stein was roughly $739,961.
The company Sept. 14 nominated Sternberg, who is part of the investor group, for election to the supervisory board to serve a term of four years. Cimpress' 2017 annual stockholders meeting is scheduled for Nov. 14. Irrespective of the outcome of the election, the investor group plans to be supportive of the efforts of Cimpress' senior management, according to the filing.