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$360M Buys Party City

ROCKAWAY, NJ-Two Boston-based private equity firms acquire party-supply retailer Party City Corp.

By Dana Dubriwny | Updated on September 27, 2005

ROCKAWAY, NJ-Through its holding company, AAH Holdings Corp., Boston-based private equity firms Berkshire Partners LLC and Weston Presidio will shell out $360 million to acquire locally based Party City Corp.

Under the terms of the agreement, Party City shareholders will receive $17.50 per share in cash for each share of common stock. According to Party City, the company’s board of directors unanimously approved the transaction and has recommended to Party City’s stockholders that they approve the transaction.

Michael Tennenbaum, chairman of the executive committee of Party City says that the company believes the transaction will create opportunities for Party City’s customers, employees and franchisees that the retailer could not have capitalized on as a stand-alone company. “At the same time, the shareholders will realize an attractive selling price,” he says.

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