Global buy out firm Advent International has acquired, from existing shareholders in a secondary transaction, a 38 per cent ownership interest in Amscan Holdings, the US-based party goods and accessories firm.
Amscan operates America's leading party-supply network with more than 950 stores, including franchise locations, across the US and Puerto Rico, under the brand names Party City, Party America, Factory Card & Party Outlet, The Paper Factory and Halloween USA.
Product lines include paper and plastic tableware, metallic balloons, accessories, novelties, gifts and stationery. In 2007, Amscan generated pro forma gross revenue of $1.7 billion.
Gerry Rittenberg, CEO of Amscan, said: "Advent International has a long and successful history of investing in the specialty retail sector. Their understanding of the industry and global resources make them a strong addition to our already outstanding investor group and will be a great benefit as we continue to build the business domestically and internationally."
Steven Collins, a MD of Advent in Boston, added: "Amscan is far and away the leader in both the party goods wholesale and retail markets. We applaud the tremendous achievements that have already been made and are excited to be able to contribute to the company's growth going forward."
Existing investors in the company include Berkshire Partners, Weston Presidio and management. The value of the transaction was not disclosed.