Party product company Amscan International is experiencing continued national and international growth and says there will be further acquisitions.
Party product manufacturer Amscan International has announced that its chief executive officer, Gary Panons, will become the company’s first executive chairman and be succeeded by current chief financial officer and chief operating officer Joe Hennigan.
Effective from 1st April, the changes at the Milton Keynes headquartered company are in preparation for its continued national and international growth.
Amscan International, a designer, manufacturer, distributor, wholesaler and retailer of party products and supplies, has a turnover of more than £250m and employs around 2,500 people worldwide, 350 of which are based in the UK. In addition to Amscan, the company’s brands include UK online party supplies retailer Party Delights and Ginger Ray.
In January 2021, Amscan International underwent a management buy-out supported by Leeds-headquartered private equity firm Endless. This was quickly followed by two significant bolt-on acquisitions comprising Germany-based foil balloon printing technology business Luftballon-Markt in August and Ginger Ray in October.
Gary said: “There are hugely exciting times ahead for Amscan International with further organic growth and acquisitions. We have incredibly supportive investors and partners in Endless, a great leadership team and a wealth of experience and energy across all areas of our business.
“Part of any evolution is growing, developing and harnessing positive change. These changes to our board structure are entirely right for the stage and future success of our business, and I am delighted that Joe will be my successor as CEO. His strategic insight, deep experience of the industry and relentless pursuit of success will be instrumental to further growth.”
Gary joined Amscan International in 2011 when the company he was managing director of, Christy’s by Design, was acquired by the business.
Before arriving at Amscan International in 2016, Joe spent 12 years working for business advisory firm PwC in the UK and US. He joined Amscan International as chief financial officer before also becoming chief operating officer in 2019.
Incoming CEO Joe Hennigan said: “We have an exceptional team at Amscan International and we are all excited for what the future holds as we further expand the business. We have a clear strategic growth plan and the funds available to make additional investments to accelerate the plan. These are exciting times and I look forward to continuing to work closely with Gary and the senior management team as we progress our strategic plan.”
Also from 1st April, current group finance director Rob Sidell, who joined Amscan last October, will become chief financial officer. A chartered accountant who trained at Ernst & Young, Rob has held a number of senior finance roles across large international organisations.