International legal practice Osborne Clarke has advised Party City, the leading party goods company by revenue in North America and, they believe, the largest vertically integrated supplier of decorated party goods globally by revenue, on its agreement to sell a substantial part of its international operations to Endless LLP for a total transaction value of approximately USD59 million.
The business being sold includes Party City’s international wholesale, retail and e-commerce businesses in the U.K., Ireland, Germany, Australia, New Zealand and Asia, which operate under a number of trade names, including Amscan International, Party Delights and Livario. As part of the agreement, Endless has agreed to acquire the Everts latex balloon manufacturing facility in Malaysia, and Amscan International and Party City will also form a joint venture partnership for costume sourcing and manufacturing in Asia and Madagascar.
The team was led by Edward Persse (Partner, M&A) who was supported by a large cross disciplinary team that included Associate Director Vicky Dudding, Senior Associate Will Carlyle and Associate Sarvie Banisi. Seamus McKimm provided management advice, Will Robertson and Shona Toms commercial, Robert Guthrie and Sophia Christou provided IP guidance, James Hamon advised on tax and Simon Neill on competition.
Osborne Clarke worked with Kathy Steiner of Kurzman Eisenberg Corbin & Lever, LLP in the USA.
Edward commented: "We are proud to have supported Party City and the management on this complex international transaction. In these times, it is particularly pleasing to see investor appetite for the retail sector and I wish the management team and Endless every success for the future. We are all due a party after 2020!"
Osborne Clarke’s Corporate team is considered a go-to practice for many companies in the Retail and Consumer sector, working with established retail brands as well as market challengers. The team advises at every stage of company development across a wide range of corporate issues and is well placed to do so with complementary expertise in the commercial, regulatory and competition sectors.