Leading US party and Halloween retailer Party City has acquired a master franchise group representing 16 retail stores throughout the Pennsylvania market.
In 2017, the franchise operator reported sales of approximately $34 million. Party City purchased the retail chain for approximately $18.8 million.
“The acquisition of these 16 franchise group locations will solidify our position in Pennsylvania, where we now have a total of 30 company-owned stores,” said chief executive officer, James M. Harrison.
“Accretive franchise acquisitions remain an integral part of our strategy to systematically increase our retail square footage, expand our presence in attractive, under-represented markets and deliver value for our shareholders,” he continued.
Prior to this acquisition, Party City’s retail operations included 814 company-owned Party City stores and approximately 134 franchise stores.