Following on from yesterday’s Breaking News announcement that UK-based private equity investor Endless is supporting a management buyout, Amscan International has released an official statement, reassuring retailers and other business partners that the change will not affect the company’s ‘day-to-day operations, support or product portfolio’.
The statement read, in full:
“You may have seen in recent press coverage that the Amscan International management team, led by Gary Panons and Joe Hennigan, has agreed a deal to acquire the International division of the Party City group. This transaction is being supported by a private equity investor, Endless LLP, who will take a majority stake in the business. Subject to closing conditions the deal will close late in December 2020, or early 2021.
The acquisition covers all retail and wholesale businesses in 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 in Asia and Africa between Amscan International and the Party City Group for the product development, manufacturing and sourcing of costumes.
At Amscan International, we’re very excited by this change; we’re going to be able to focus even more strongly on enhancing our offer to our international markets, with the financial support for investments to make that happen!
Amscan International will continue to partner very closely with both Party City and Amscan USA, the transaction allowing Party City to focus their time and resources on their North American retail and wholesale operations.
However, our most important message is that this change will not affect in any way our day to day operations, support or product portfolio.
We will leave the Party City Group with exclusive distribution rights for all things Amscan and Anagram, with access to the same great product range and pricing as we have always had.
The team at Amscan International remains the same and we’re all excited in the future for our business and the celebrations market!
Should you have any further questions, please feel free to contact your Amscan International representative who will be happy to help you.
We look forward to growing our relationships and businesses together.”
