Tully & Holland, Inc. acts as financial advisor to CALYX & COROLLA, the flower lover's flower company, in the sale of its assets to leading direct marketer, Vermont Teddy Bear Company.

September 30, 2003 - Tully & Holland, Incorporated, Wellesley Hills, MA represented CALYX & COROLLA "the flower lover's flower company" in the sale of its assets to Shelburne, VT-based Vermont Teddy Bear Company.

CALYX & COROLLA, owned by investor group Equity Resource Partners, is a premier up-scale direct marketer floral company delivering a broad range of premium flowers and plants in a high quality, consistent fashion. CALYX & COROLLA's excellent brand name combined with its multi-channel, integrated marketing approach convinced Vermont Teddy Bear Company CEO, Elisabeth B. Robert, to proceed as quickly as possible with the acquisition process.

Timothy W. Tully, President of Tully & Holland, Inc. remarks that "this deal was consummated on an extremely fast timetable. We approached Liz Robert with the acquisition opportunity on July 11, 2003 and the deal was completed by September 30, 2003. The synergy between the two companies was very compelling enabling both parties to proceed quickly to closing."

Founded in 1983, Vermont Teddy Bear Company is a leading direct-marketer of high end gift teddy bears which recently expanded its operations to include gourmet foods catalog, Tastygram and gifts delivery business, Pajamagram. Timothy W. Tully believes that the acquisition of Calyx & Corolla, Inc. by Vermont Teddy Bear is a natural fit. "We approached Liz Robert immediately recognizing that the complimentary nature of both companies' direct-to-consumer business models, the up-scale, high quality orientation of their products and their complimentary seasonality would be extremely attractive to the Vermont-based company."

Tully & Holland, Inc., an investment bank established in 1992, provides M&A advisory, capital raising, and other corporate finance services primarily to retailers, direct marketers, and consumer product manufacturers and distributors, with a special emphasis on catalogers and food companies. Member NASD, SIPC, Direct Marketing Association, National Retail Federation, Association for Corporate Growth, and Massachusetts Food Association.