December 10, 2020
Endless to support management buyout of Amscan International
Endless LLP (‘Endless’), one of the UK’s leading mid-market private equity investors, today announced that it has entered into an agreement with Party City HoldCo Inc. to acquire Amscan International. The total enterprise value of the acquisition is $45.0 million.
Headquartered in Milton Keynes, Amscan International is a market leading international designer, manufacturer, distributor and omnichannel retailer of party products and supplies. The management buy-out has been led by Amscan International’s existing management team of Gary Panons (CEO) and Joe Hennigan (CFO/COO).
The business being acquired includes Party City’s international wholesale, manufacturing, retail and e-commerce businesses in the U.K., Ireland, Germany, Australia, New Zealand and Asia. The retail brands include Party Delights in the UK as well as several website brands in Europe. As part of the agreement, Endless has agreed to acquire the Everts latex balloon manufacturing facility in Malaysia, and Amscan International and Party City will also 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. As part of the acquisition, Endless will make further funding available to allow the management team to explore further targeted M&A.
The transaction is subject to customary approvals and closing conditions.
Matthew Jubb, Partner at Endless LLP in Leeds, 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.
Endless was advised by law firm Squire Patton Boggs (Jonathan Jones, Mark Yeo, Mae Salem and Joshua Fitzpatrick). Tax advice was provided by Deloitte (Andrew Coticelli, Julie Campbell, James Izzard).
Corporate Finance advice was provided by GCA Altium (Sam Fuller, Oliver Vaughan, Mitchell Parr).
A further statement from Endless LLP will be released upon completion of the transaction.