Amscan International is delighted to announce that its management buyout transaction – which was initially announced in December 2020 – has now completed.
Amscan International has been acquired from Party City Holdco Inc by the existing management team, led by Gary Panons and Joe Hennigan, and supported by Endless LLP, a UK-based private equity investor.
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 Party City Holdco for the product development, manufacturing and sourcing of costumes.
“We believe this is a business with fantastic potential and that we can accelerate our strategy for growth,” stated Amscan International’s ceo Gary Panons. “With support from Endless we look forward to an exciting future together.”
He continued: “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 customer, supplier and partner in the newly created joint venture operation.”
“We are delighted to finally get the deal completed,” added coo Joe Hennigan. “We are confident in the future growth prospects for our business and believe more local focus, combined with greater opportunity to invest will help the business fulfill its potential.”
“I would like to take this opportunity to thank all of our colleagues. Their experience, dedication and enthusiasm were essential in attracting outside investment. We recognise the pressures that families are currently under which makes their dedication all the more humbling. We look forward to repaying their faith in the business and it’s prospects.”