Endless acquires Party City's international assets for $59m

The firm is currently investing from its fifth-generation fund, which closed on £400m in November 2020. The fund invests in UK-based companies in turnaround deals, value buyouts, debt, and other stages.

The transaction value is approximately $59m, including $45m in cash proceeds and approximately $14m in excess cash and other adjustments to be returned to Party City.

Amscan, the UK business being sold, will have its management team continue in place.

As part of the agreement, Party City and Amscan International will form a joint venture partnership for Party City's costume sourcing and manufacturing business in Asia, currently part of Amscan Asia.

Party City will retain its other existing sourcing operations. The sale is expected to allow the vendor to focus on its North American retail and wholesale operations, where the company sees the greatest opportunities for profitable growth, according to a statement.

Company
The acquired assets include Party City's international wholesale, retail and e-commerce businesses in the UK, Ireland, Germany, Australia, New Zealand and Asia, which operate under a number of trade names, including Amscan International, Party Delights, and Livario, as well as several website brands in Europe. The businesses sell party supplies, balloons and costumes.

Amscan is based in Milton Keynes and was founded in 1973. It reported revenue of £42.9m in 2018, as well as a loss before tax of £2.6m.

People
Endless – Matthew Jubb (partner).

Advisers
Vendor – Kurzman Eisenberg Corbin & Lever (legal); Osborne Clarke (legal).

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• Topics
• Buyouts
• UK / Ireland
• Consumer
• United Kingdom
• Endless
• Carve-out