Amscan says more people have been holding celebrations since pandemic restrictions eased, leading to an increase in sales.
Party product retailer Amscan International has secured a £30m funding package and announced that it is set to see a record £215m in revenue for the financial year ending 31st December 2021, a 30% increase on the previous period.
The Milton Keynes-headquartered company, which employs more than 300 people in the UK and 2,500 worldwide, has agreed the funding facility with financial services provider PNC. It says the funding will be used to secure and create further growth and investment opportunities for the business.
Amscan International has had an outstanding year since a management buy-out supported by Leeds-based private equity firm Endless was completed in January 2021. This was quickly followed by two significant bolt-on acquisitions comprising Germany-based foil balloon printing technology business Luftballon-Markt in August and party brand Ginger Ray in October.
Amscan International’s chief executive officer, Gary Panons, said: “This funding package will enable us to build on an incredibly successful year. With pandemic restrictions easing we are seeing that people wish to celebrate and spend time with loved ones, as they catch up on occasions that have been missed over the course of the last 18 months, culminating in a record-breaking Halloween season.”
As well as the UK, Amscan International has offices in Ireland, Germany, Australasia and Asia. The company’s retail brands include Party Delights, the UK’s largest online party store, and several other brands across 12 European countries.
Amscan International chief financial officer and chief operating officer, Joe Hennigan, added: “It’s a great testament to the robust health of our business that there was significant appetite from a range of lenders in supporting the next phase of our growth. As a global, multi-channel business we required a lender that could match our footprint and ambition, and we are delighted to be partnering with PNC and its ability to provide innovative financing solutions to global businesses of scale. This financing package will enable us to accelerate investment in our business.”
Endless partner Matthew Jubb commented: “We are delighted that PNC has supported Amscan International with this new funding package, and that we have secured a financing partner that shares our ambitious plans to further develop the business in the coming months and years.”