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Business in the Burbs

Movers, shakers and newsmakers

Advent takes stake in Elmsford’s Amscan Holdings

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. You can follow any responses to this entry through the RSS 2.0 feed.
Category: Corporate doings, Management actions, Retail

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Business in the Burbs is our online news blog about businesses based or operating in the Lower Hudson Valley. Visitors here will also find items of interest to consumers in the region. Most contributions are from business reporters and editors covering Westchester, Rockland and Putnam counties.

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