Global designer, manufacturer, distributor and retailer of party products and supplies, Amscan, has announced it has secured £30m in funding.
The announcement coincides with the company’s forecast that its revenue will hit a record £215m in the year ending 31 December, 2021 – a 30% increase on the previous year.
The funding facility has been agreed with financial services provider PNC and Amscan plans to use the equity to secure and create further growth and investment opportunities for the business.
2021 has already been an outstanding year for Amscan, which was acquired in a management buy out by private equity firm, Endless in January. The company then made two significant acquisitions with foil balloon printing technology business, Luftballon-Markt in August and UK party brand Ginger Ray last month.
Chief executive officer of Amscan International, 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 cfo and coo, 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.”
Endless partner, Matthew Jubb, said: “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.”
