The Weiss Family, descendants of company founder Jacob Sapirstein, will retain a 40 percent stake in the card, gift and stationery business.

Furthermore, John Beeder, current president and chief operating officer, will become chief executive officer; meanwhile, Zev Weiss and Jeffrey Weiss, current co-chief executive officers, and Morry Weiss, current chairman, will participate on the board. Finally, David Scheible, an operating advisor to CD&R funds and former chief executive officer of Graphic Packaging, will assume the role of chairman of American Greetings.

Further details regarding the transaction were not disclosed.

The American Greetings brand portfolio includes American Greetings, Carlton Cards, Gibson, Recycled Paper Greetings and Papyrus, as well as other paper product offerings such as party goods, gift wrap and boxed cards. The company also maintains an e-card catalog on Cardstore.com and AmericanGreetings.com