Advent takes stake in Elmsford’s Amscan Holdings
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- August
- 25
Global buyout firm Advent International of Boston said it bought a 38 percent stake in Amscan Holdings Inc. of Elmsford, a major manufacturer, distributor and retailer of party goods and accessories in the United States.
The deal’s value was not disclosed. Last year Amscan had gross revenues of $1.7 billion. The investors who sold shares to Advent included Berkshire Partners and Weston Presidio, who both retain some ownership in Amscan, a company spokesman said.
Amscan Chief Executive Officer Gerry Rittenberg said Advent International has a long history of investing in the specialty retail sector. Amscan runs a network of more than 950 stores across the U.S. and Puerto Rico under the brand names Party City, Party America, Factory Card & Party Outlet, The Paper Factory and Halloween USA.
In 2004, funds run by Goldman Sachs & Co. said they would sell their 71 percent stake in Amscan to Berkshire Partners and Weston Presidio in a deal valued at $540 million.
This entry was posted
on Monday, August 25th, 2008 at 5:23 pm by Jerry Gleeson.
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