Party City has successfully completed auctions of its IP and related wholesale operations, as well as a significant portion of its real estate lease portfolio.
Together, these efforts maximise value will generate substantial proceeds for the benefit of stakeholders in the company’s chapter 11 proceedings.
Following robust bidding, New Amscan, an affiliate of Ad Populum, emerged as the winning bidder for the Party City brand and related Amscan operating assets. New Amscan’s prevailing bid, which has a net value of $20m, comprised of $16m in cash and additional consideration, represents twice the value of its ‘stalking horse’ bid.
As previously announced, Ad Populum intends to lead a transformation of the Party City and Amscan brands, leveraging its strengths in sourcing and distribution to preserve and build upon Party City’s legacy.
The company’s lease auction process resulted in approximately $14.5m of gross proceeds, with the potential for additional value to be generated. Efforts to monetise remaining leases are continuing and interested parties are encouraged to visit https://www.agrep.com/index.php/partycity for more information on available sites.
A hearing has been scheduled for 26 February, 2025 to receive court approval of these sales.
