ENDLESS COMPLETES ACQUISITION OF AMSCAN INTERNATIONAL
Following the receipt of regulatory approvals and satisfaction of closing conditions, private equity investor Endless LLP today announced the completion of the acquisition of Amscan International from US parent company Party City Holdco Inc. The investment from Endless will support the continued growth of the Amscan International businesses.
Amscan International is a market leading international designer, manufacturer, distributor and omnichannel retailer of party products and supplies. The business is headquartered in Milton Keynes and employs approximately 1,000 people throughout its global operations, which includes the U.K., Ireland, Germany, Australia, New Zealand, Hong Kong and Malaysia.
The total enterprise value of the acquisition is $45 million, and Endless will work with the management team to continue investing in its people and operations.
The business being acquired includes Party City’s international wholesale, manufacturing, retail and e-commerce businesses in the U.K., Ireland, Germany, Australia, New Zealand and Asia. The retail brands include Party Delights in the UK as well as several website brands in Europe. As part of the agreement, Endless has agreed to acquire the Everts latex balloon manufacturing facility in Malaysia and Amscan International and Party City will also form a joint venture partnership for costume sourcing and manufacturing in Asia and Madagascar.
The transaction was led by Leeds-based Endless partner Matthew Jubb, supported by Jon Duffy from the Endless investment team. Matthew Jubb will also join the Amscan International board.
Matthew Jubb commented “Amscan International is a hugely exciting acquisition for us and we are thrilled with the opportunity to back a great management team and help the business to achieve its full potential.
“As a market leading and global brand, the business has solid foundations on which to further grow. We are delighted to be backing Gary Panons, Joe Hennigan and the rest of the Amscan International management team to deliver their exciting vision for this business and look forward to working closely with them in the coming years.”
Gary Panons, CEO of Amscan International said, “Endless recognises that they have acquired a well-invested and well-managed business. We believe this is a business with fantastic potential and that we can accelerate our strategy for growth. We look forward to an exciting future together.”
He added, “I would also like to thank Party City for the support they have given Amscan International during their ownership, and we look forward to continuing to work with them as our partner in the newly created Joint Venture operation.”
Endless was advised by law firm Squire Patton Boggs (Jonathan Jones, Mark Yeo, Mae Salem and Joshua Fitzpatrick). Tax advice was provided by Deloitte (Andrew Coticelli, Julie Campbell, James Izzard).
The Amscan International management team were advised by GCA Altium (Sam Fuller, Oliver Vaughan, Mitchell Parr).
Party City’s legal advisors were Kurzman Eisenberg Corbin & Lever, LLP in the US and Osborne Clarke in the UK.