Party City Advances Strategy to Create North America’s Leading Party Platform
Enters
in Asia
ELMSFORD, N.Y., Dec. 09, 2020 Party City Holdco Inc. (the “Company” or “Party City”; NYSE:PRTY) today announced that it has entered into a definitive agreement to sell a substantial portion of its international operations (“Amscan International”) to Endless LLP, a U.K. based private equity investor (“Endless”), for a total transaction value of approximately US$59 million, including US$45 million of cash proceeds and approximately US$14 million of excess cash and other adjustments to be returned to the Company. The business being sold includes Party City’s international wholesale, retail and e-commerce businesses in the U.K., Ireland, Germany, Australia, New Zealand and Asia, which operate under a number of trade names, including Amscan International, Party Delights, and Livario, as well as several website brands in Europe.
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The UK private equity investor, Endless LLP has reached an agreement with Party City Holdco to acquire a substantial portion of its international operations, Amscan International.
The management buy-out has been led by Amscan International’s existing management team made up of CEO Gary Panons and CFO and COO Joe Hennigan. The transaction is expected to close by the end of the year.
The acquisition includes Party City’s international wholesale, retail and e-commerce businesses in the UK, Europe, Australia and parts of Asia. In addition, the Everts latex balloon manufacturing plant is included in the transaction.
A joint venture will be created between Amscan International and Party City for the product development, manufacturing and sourcing of costumes in Asia and Africa.
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The UK private equity investor, Endless LLP has reached an agreement with Party City Holdco to acquire a substantial portion of its international operations, Amscan International.
The management buy-out has been led by Amscan International’s existing management team made up of CEO Gary Panons and CFO and COO Joe Hennigan. The transaction is expected to close by the end of the year.
The acquisition includes Party City’s international wholesale, retail and e-commerce businesses in the UK, Europe, Australia and parts of Asia. In addition, the Everts latex balloon manufacturing plant is included in the transaction.
A joint venture will be created between Amscan International and Party City for the product development, manufacturing and sourcing of costumes in Asia and Africa.