Amscan International will continue to partner very closely with both Party City and Amscan US.
It has been announced that Endless LLP, a UK based private equity investor, 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 of Gary Panons (CEO) and Joe Hennigan (CFO/COO). The transaction is expected to close by the end of calendar year 2020, subject to customary approvals and closing conditions.
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 and 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.
Amscan International plans to extend its market leading position, utilising its diversified business model across manufacturing, wholesale and retail across the commercial markets of the UK, Europe, Australia and Asia.
Amscan International will continue to partner very closely with both Party City and Amscan US, the transaction allowing Party City to focus their time and resources on their North American retail and wholesale operations. Exclusive distribution rights for Amscan International of Amscan and Anagram branded products into markets outside of the Americas will continue as they do today.
“We believe this transaction represents another positive step in our transformation strategy,” said Brad Weston, chief executive officer of Party City. “The sale of these assets enables us to focus on our core North American retail and wholesale operations, where we see the greatest opportunities for profitable growth, while maintaining the benefits of our vertically integrated structure. We are excited about the progress we are making to reinforce our position as the leading party platform in North America.”
Brad continued: “Endless has a strong track record of supporting international consumer-oriented businesses, and we believe it is the right partner to take Amscan International into the future. We believe that this transaction will be seamless for global customers and vendors and create new opportunities for our associates, who work so hard every day to help our customers continue to inspire celebrations, even in this challenging environment.”
Matthew Jubb, partner at Endless, added: “We are delighted to have reached an agreement to acquire Amscan International, which we believe is a hugely exciting opportunity for us. We look forward to backing the management team with its exciting vision for the future development of the business. We look forward to sharing more details following completion.”