AMSCAN INTERNATIONAL SECURES £30M FUNDING PACKAGE AS RECORD-BREAKING YEAR CONTINUES
Milton Keynes-based global designer, manufacturer, distributor and retailer of party products and supplies, Amscan International, has announced a £30 million funding package to build on a record-breaking 2021.
The company, which employs more than 300 people in the UK and 2,500 worldwide, has agreed a substantial finance package with PNC which will provide further opportunity for growth and investment.
The new facility comes on the back of an outstanding year for Amscan International after the Management Buy-Out that completed in January 2021 which was quickly followed by two significant bolt-on acquisitions in Luftballon-Markt and Ginger Ray. Revenues are forecast to hit £215m in the year to the end of December, a 30% increase from 2020.
Amscan International Chief Executive Officer, Gary Panons, said: “This funding package will enable us to build on an incredibly successful year. With pandemic restrictions easing we are seeing that people wish to celebrate and spend time with loved ones catching up on occasions that have been missed over the course of the last 18 months, culminating in a record-breaking Halloween season.”
Amscan International Chief Financial Officer and Chief Operating Officer, Joe Hennigan, added: “It’s a great testament to the robust health of our business that there was significant appetite from a range of lenders in supporting the next phase of our growth. As a Global, multi-channel business we required a lender that could match our footprint and ambition, and we are delighted to be partnering with PNC which shows their ability to provide innovative financing solutions to Global businesses of scale. This financing package will enable us to accelerate investment in our business.”
The Management Buy-Out of Amscan International was supported by UK based Private Equity fund Endless LLP, with Matthew Jubb, Partner, commenting as follows: “We are delighted that PNC have supported Amscan International with this new funding package, and that we have secured a financing partner that shares our ambitious plans to further develop the business in the coming months and years.”
Amscan International and Endless LLP were advised by Rob Jones, Radu Ilici, Mark Ward and Erhovbome Odudu at DC Advisory (Debt Advisory) and Roy Grist and Tom Dell'Avvocato at Squire Patton Boggs (Legal). PNC was advised by Mike Davison at Addleshaw Goddard (Legal).