ELMSFORD, N.Y.--(EON: Enhanced Online News)--Party City Holdco Inc. (NYSE:PRTY), the leading vertically integrated party goods company in North America, today announced that it has acquired Balloon Agencies (“BA”), a wholesaler and distributor of balloons and party supplies in Brisbane, Australia.
The acquisition is valued at $1.9 million ($2.5 million AUD) which consists of $2 million AUD up front and $0.5m AUD conditional upon future business performance. The deal price represents 3-3.5 times EBITDA when fully synergized.
Jim Harrison, CEO of Party City said, “Balloon Agencies is the market leading distributor in Australia for specialty retail. We’ve been working with BA to reach the non-mass channel, with Amscan representing nearly half of their business. In addition to geographic expansion throughout Australia, this acquisition now gives us direct access into the specialty retail channel with BA’s established customer base and web business.”
About Party City
Party City Holdco Inc. is the leading party goods company by revenue in North America and, we believe, the largest vertically integrated supplier of decorated party goods globally by revenue. The Company is a popular one-stop shopping destination for party supplies, balloons, and costumes. In addition to being a great retail brand, the Company is a global, world-class organization that combines state-of-the-art manufacturing and sourcing operations, and sophisticated wholesale operations complemented by a multi-channel retailing strategy and e-commerce retail operations. The Company is the leading player in its category, vertically integrated and unique in its breadth and depth. Party City Holdco designs, manufactures, sources and distributes party goods, including paper and plastic tableware, metallic and latex balloons, Halloween and other costumes, accessories, novelties, gifts and stationery throughout the world. The Company’s retail operations include over 900 specialty retail party supply stores (including approximately 160 franchise stores) throughout North America operating under the names Party City and Halloween City, and e-commerce websites, principally through the domain name PartyCity.com.