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 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.
More detailed information will follow at completion of the transaction.
Want to read more news like this? Simply sign up to our daily digest by clicking here. You can also follow @LicensingSource on Twitter and @licensing_source on Instagram.
