HomeResearch & Knowledgeback to HomeFinanceback to Research & KnowledgeWorking capital in the time of Covid-19: Cimpress and the Apollo venture debtback to Finance

Case Study

Working capital in the time of Covid-19: Cimpress and the Apollo venture debt

By Benoit F. Leleux

14 pages

December 2020

Order this case study

Reference: IMD-7-2208

When the COVID pandemic hit developed economies in full swing in the spring of 2020, companies scrambled to make sense of the implications for their business models. In most cases, reactions were defensive, aimed at ensuring the survival of the firm to the end of the epidemics. Cimpress, better known for its B2C brand Vistaprint, the world leader in e-printing, took a very different stand: it resorted to very creative finance to not only address the downside of the crisis (making sure it raised enough capital to weather the likely difficult quarters and renegotiating preventively loan covenants that could get breached in the worse scenarios from a position of strength) but also to possibly take advantages of emerging M&A opportunities. Competitors in less favorable financial shape would likely be put in situations of distress by the crisis: this could create extremely interesting opportunities for Cimpress. This aggressive use of refinancing during times of crisis for both risk mitigation and opportunistic gains is discussed.

Learning Objective

Creative financing.
Managing a crisis.
Pro-active covenant management.
Structuring original liquidity vehicles.
Private Investments in Public Equity.

Keywords

Finance, Strategy, Private Equity, Growth Financing, COVID-19, Pandemic, Risk Management, Working Capital, Credit, Agreement, Venture Capital, Stock Market, Stock Exchange, Financing Strategy

Settings

World/global, United States of America
Cimpress, Vistaprint Corporate Solutions, Media, Printing and Publishing
2020

Type

Field Research

Available Languages

English

Related material

Teaching note

IMD case studies are distributed through case clearing houses. In order to browse the collection and purchase copies please visit the links below.

The Case Centre

Cranfield University

Wharley End Beds MK43 0JR, UK
Tel +44 (0)1234 750903
Email [email protected]

Harvard Business School Publishing

60 Harvard Way, Boston MA 02163, USA
Tel (800) 545-7685 Tel (617)-783-7600
Fax (617) 783-7666
Email [email protected]

Asia Pacific Case Center

NUCB Business School

1-3-1 Nishiki Naka
Nagoya Aichi, Japan 460-0003
Tel +81 52 20 38 111
Email [email protected]

IMD retains all proprietary interests in its case studies and notes. Without prior written permission, IMD cases and notes may not be reproduced, used, translated, included in books or other publications, distributed in any form or by any means, stored in a database or in other retrieval systems. For additional copyright information related to case studies, please contact Case Services.

Contact

Research Information & Knowledge Hub for additional information on IMD publications

Keep reading

Article

Repairing reputational damage: don’t go the way of Boeing

All organizations should have a plan to secure trust during, after (and even before) a crisis hits. Here are a host of examples, good and bad, to learn from.

Leadership Resilience Strategy

By Michael Skapinker

in I by IMD

Case Study

The price of innovation: Will Medacta compromise its DNA by embracing robotics?

Strategy Innovation

By Carlos Cordon, Antonio Di Brino, Jesper Fibiger, Frank Kristensen, Soniya Soniya and Alison End Fineberg

Article

Strategy Meets Execution - Supply Chain

10 years of exclusive surveys reveal top supply chain strategy challenges—and how tools like AI, ML, and digital twins are reshaping the path forward.

Strategy Supply Chain

By Ralf W. Seifert and Katrin Siebenbürger Hacki

in I by IMD

Article

4 Key Guidelines for Success - Demystifying AI Use Cases

Uncover AI use cases and opportunities with 4 clear imperatives that align data with business value. Avoid pitfalls and ask the right questions.

Artificial Intelligence Strategy

By Didier Bonnet and Achim Plueckebaum

in I by IMD

Article

Tariff wars: How business leaders can survive and thrive

Stay ahead in a shifting global economy. Learn how to build resilient supply chains, manage currency risks, and adapt strategies for long-term business success.

Economics Geopolitics Strategy Supply Chain

By Arturo Bris

in I by IMD

Case Study

Your company (and your life) in the hands of an AI agent?

Artificial Intelligence Digital Strategy

By José Parra Moyano and Alix Rey

Article

Lifepreneurs - Rethinking the default

Women’s realities are often overlooked, but lifepreneurs—entrepreneurs innovating from experience—are turning struggles into profit and systemic change.

Finance Innovation

By Vanina Farber

in I by IMD

Article

People, Culture, and Strategy - The Boards Role

#post_excerptHannele Jakosuo-Jansson of Neste and Finnair shared key insights on board roles in CEO transitions and culture shifts with IMD’s High Performance Boards program.

Board Business Transformation Strategy

By Didier Cossin and Yukie Saito

in I by IMD

Case Study

AstraPay in Indonesia: Playing the digital payments platform vs. ecosystem game

Digital General Management Strategy

By Marleen Dieleman, Aarthi Thyagarajan, Pranesh Mahadeo, Maxence Nobels and Guillaume Clement

Repairing reputational damage: don’t go the way of Boeing

By Michael Skapinker
in I by IMD

Summary

All organizations should have a plan to secure trust during, after (and even before) a crisis hits. Here are a host of examples, good and bad, to learn from.

Contact

Research Information & Knowledge Hub for additional information on IMD publications

Related topics

Leadership

Resilience

Strategy

Browse all topics

The price of innovation: Will Medacta compromise its DNA by embracing robotics?

By Carlos Cordon Antonio Di Brino Jesper Fibiger Frank Kristensen Soniya Soniya and Alison End Fineberg
Case reference: IMD-2663 ©2025

Summary

Medacta Group SA is a rising star in the orthopedics market, achieving global success through innovative products and techniques, with a particular emphasis on minimally invasive techniques that bring meaningful value to its patients. With its approaches such as Anterior Minimally Invasive Surgery (AMIS) for hip replacement and Kinematic Alignment for knees, Medacta offers high-quality techniques, supporting tools and cutting-edge implants. It also offers personalized surgeon education through the Medacta Orthopedic Research and Education (M.O.R.E.) Institute. Medacta is situated in an evolving landscape, with competitors including Stryker and Zimmer Biomet investing heavily in robotic technologies. Technological advances are being made in data-driven planning tools – including augmented reality – and research institutes are looking for the most advanced solutions as demanded by many hospitals and surgeons. Despite these trends in the industry, Medacta's CEO, Francesco Siccardi has concerns regarding the value of existing robotic systems, noting their lack of proven benefits in patient outcomes or cost reductions, especially in a context of increasing emphasis on value-based care and sustainability. The case explores the opportunities and challenges confronting Medacta as they decide whether to enter the orthopedic robotics market. The company wants to continue to differentiate itself and drive growth in line with its foundational principles of patient care, operational excellence and sustainable innovation. Today, Francesco faces a critical decision around whether now is the time to enter the robotics market and, if so, how Medacta should do so to preserve its culture and stay true to its DNA.

Reference IMD-2663

Organization Medacta Group

Industry Healthcare, Medical Device

Available Languages English

Contact

Research Information & Knowledge Hub for additional information on IMD publications

Related topics

Strategy

Innovation

Browse all topics

Tariff wars: How business leaders can survive and thrive

By Arturo Bris
in I by IMD

Summary

Stay ahead in a shifting global economy. Learn how to build resilient supply chains, manage currency risks, and adapt strategies for long-term business success.

Contact

Research Information & Knowledge Hub for additional information on IMD publications

Related topics

Economics

Geopolitics

Strategy

Supply Chain

Browse all topics

Your company (and your life) in the hands of an AI agent?

By José Parra Moyano and Alix Rey
Case reference: IMD-2666 ©2025

Summary

The case study introduces an original way of exploring the many questions and concerns around AI adoption in business. Based on a true story, it discusses the dilemma of AI implementation through Joe, the CIO of ParcelFlow. Joe is getting ready to present his AI strategy to the company's executive committee. Joe is also diabetic and on the morning of his presentation, he receives an AI-powered insulin pump. This is a life-changing event that raises both questions and fears that range from device functionality and safety to data privacy. Joe realizes that at his morning doctor's appointment, he has just gone through the same process that the executive committee is about to experience. Will Joe succeed in convincing the executive committee to transition towards the use of AI agents? To ultimately transform ParcelFlow's operations, Joe knows that answering the committee's concerns is vital. Joe's thoughts span the various stakeholders he needs to convince: Diane - the chief financial officer; Elena - the head of customer experience; Michael - the head of operations; Albert - the chief human resources officer; Robert - the legal counsel; and Lucy - the chief executive officer. Each stakeholder will have their own reservations and worries about the financial implications, customer experience, operational efficiency, workforce impact, legal compliance, and overall benefits of AI. Building trust is key for engaging people in this technological revolution. This can be achieved smoothly and rapidly by understanding, identifying and analyzing what AI is about and what it will do for us or our business. And most importantly, it must be accomplished with an excellent communications strategy.

Reference IMD-2666

Industry Healthcare, Medical Device;Healthcare, Pharmaceuticals

Available Languages English

Contact

Research Information & Knowledge Hub for additional information on IMD publications

Related topics

Artificial Intelligence

Digital

Strategy

Browse all topics

People, Culture, and Strategy - The Boards Role

By Didier Cossin and Yukie Saito
in I by IMD

Summary

#post_excerptHannele Jakosuo-Jansson of Neste and Finnair shared key insights on board roles in CEO transitions and culture shifts with IMD’s High Performance Boards program.

Contact

Research Information & Knowledge Hub for additional information on IMD publications

Related topics

Board

Business Transformation

Strategy

Browse all topics

AstraPay in Indonesia: Playing the digital payments platform vs. ecosystem game

By Marleen Dieleman Aarthi Thyagarajan Pranesh Mahadeo Maxence Nobels and Guillaume Clement
Case reference: IMD-2650 ©2025

Summary

This case study explores AstraPay’s journey to become a significant player, despite its latecomer status, in Indonesia’s burgeoning digital payments landscape. Launched in 2018, AstraPay had grown to serve over one million customers, but it faced intense competition from tech-first digital super-apps like GoTo and OVO. Led by Rina Apriana, who became CEO in 2023, AstraPay had to leverage its unique position within Astra International, a vast conglomerate with deep roots in Indonesia’s economy, to differentiate itself. The case first explores the conceptual differences between a platform and an ecosystem. It then considers how AstraPay can leverage Astra International’s unique characteristics to unlock synergies and evolve into an ecosystem. The question is underpinned by considerations on how AstraPay can best leverage its late mover status to compete with established digital first competitors. Finally, the students are encouraged to explore a range of alternative options available to Astra for building its ecosystem by highlighting the pros and cons of each approach against which to assess the final path taken by AstraPay.

Reference IMD-2650

Organization AstraPay

Industry Finance and Insurance, Financial Services

Available Languages English

Contact

Research Information & Knowledge Hub for additional information on IMD publications

Related topics

Digital

General Management

Strategy

Browse all topics