2006-07-12 06:04:04 · 3 answers · asked by Anonymous in Business & Finance ➔ Corporations
Berkshire, Weston Presidio to buy Party City for $360M
Boston Business Journal - September 27, 2005
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Boston buyout specialists Berkshire Partners and Weston Presidio plan to pay up to $360 million to acquire publicly held retailer Party City Corp.
The deal is expected to close around the turn of the year, pending regulatory and Part City shareholder approval. The transaction has already won endorsements from the New Jersey company's board and shareholders owning roughly 27 percent of its stock.
Through their co-owned holding company, AAH Holdings, Berkshire and Weston Presidio will pay Party City's common shareholders $17.50 a share -- a 42 percent premium over Party City's opening price of $12.28 a share Tuesday morning.
Founded in 1986, Party City (NASDAQ: PCTY) employs 4,500 people at its 249 company-owned stores and 250 franchise locations. The company booked $500 million in revenue during the fiscal year ended July 2.
As a subsidiary within AAH Holdings, Party City will operate alongside Amscan Inc., a New York-based manufacturer and distributor of party goods.
Goldman Sachs & Co. and Banc of America Securities will provide debt financing for the acquisition. Goldman Sachs and the law firm Ropes & Gray served as advisors for Berkshire and Weston Presidio.
2006-07-12 07:32:40 · answer #1 · answered by twofingers_69 3 · 0⤊ 0⤋
Berkshire Partners and Weston Presidio two private equity companies
2006-07-12 06:11:00 · answer #2 · answered by mrmoose 2 · 0⤊ 0⤋
Hopefully one better then they were!
2006-07-12 06:08:47 · answer #3 · answered by Got_a_question? 4 · 1⤊ 0⤋