Endless in $45m deal for international party products business

Matthew Jubb, partner at Endless

Endless, one of the UK’s leading mid-market private equity investors, has announced it has entered into an agreement with Party City HoldCo Inc to acquire Amscan International for $45m.

The business which is headquartered in Milton Keynes, is a market leader in the international design, manufacture, distribution and omnichannel retail of party products and supplies, and poses a “hugely exciting opportunity” for the Leeds-based private equity firm. The deal supports the management buy-out which has been led by Amscan International’s existing management team of Gary Panons (CEO) and Joe Hennigan (CFO/COO).

The acquisition includes Party City’s international wholesale, manufacturing, retail and e-commerce businesses in the U.K., Ireland, Germany, Australia, New Zealand and Asia. As well as the retail brand Party Delights in the UK abd several website brands in Europe.

As part of the deal Endless has agreed to acquire the Everts latex balloon manufacturing facility in Malaysia, and Amscan International and Party City will form a joint venture partnership for costume sourcing and manufacturing in Asia and Madagascar.

Endless’ acquisition will enable the management team of Amscan International to pursue an acceleration of investment to materially grow the business in size and scope. With the private equity house making further funding available to allow the management team to explore targeted M&A.

Matthew Jubb, partner at Endless LLP said: “We are delighted to have reached an agreement to acquire Amscan International, which we believe is a hugely exciting opportunity for us. We look forward to backing the management team with their exciting vision for the future development of the business and sharing more details following completion.”

This deal further adds to Endless’ excellent track record of carving out businesses from corporate sellers and comes shortly after Endless announced the acquisition of Hovis, the UK’s iconic 134-year-old bakery brand and that it had raised its fifth fund.

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