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.
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.
The company will continue to partner closely with both Party City and Amscan US, while the transaction will allow Party City to focus its time and resources on its 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.
Matthew Jubb, partner at Endless LLP in Leeds, said: “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 their exciting vision for the future development of the business and sharing more details following completion.”