C.R. Gibson, a leading maker of memory books, photo albums and other stationery products, has entered into an agreement to sell its business and assets to Philadelphia-based CSS Industries.

The deal, worth approximately $68 million, was announced by Gibson President and Vice Chairman Joseph Moore, and is expected to close on or about Nov. 30, subject to regulatory approval.

C.R. Gibson, whose products are available at 10,000 gift retailers, will continue to operate as a stand-alone organization under CSS Industries. The company's headquarters will remain in Nashville and its distribution center in Florence, Ala. Day-to-day operations will be unaffected, the company said in a statement.

Purchased by Thomas Nelson in 1995, C.R. Gibson was sold to CRG Acquisition Corp. in 2001.

According to Moore-who also is the son of former Thomas Nelson President and CEO Sam Moore-the Anderson family and its investment group, which own C.R. Gibson, were not looking to sell the privately held company, but felt compelled to explore the benefits of a sale when approached by CSS.

"We expect to finish 2007 with strong gains in sales and believe the upcoming sale to CSS Industries will support our continued growth in new ways, giving us opportunities to expand the breadth of our collection and better tailor product for national accounts as well as specialty retailers," Moore said.

Burnes Home Accents, the photo frame company acquired by C.R. Gibson in June 2006, is not part of the sale and will remain privately held.

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