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CSS Industries, Inc. (NYSE:CSS) announced that it has sold the Christmas gift wrap portion of its Cleo Inc ("Cleo") business to Impact Innovations, Inc. ("Impact"). Under the terms of a definitive agreement executed by the parties, Impact acquired, upon execution of the agreement, certain tangible and intangible assets associated with Cleo's Christmas gift wrap business. As part of the transaction, Cleo will remain responsible for the manufacture, sale and distribution of all Cleo Christmas gift wrap for the Christmas 2011 season, and will retain the right to use the "Cleo" name during the Christmas 2011 season. Stifel Nicolaus Weisel served as exclusive financial advisor to CSS in the transaction.
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