PCHI Enters into Agreement to Sell Party City® Brand and Related Amscan® Operating Assets to Ad Populum Affiliate to Preserve Legacy in Multibillion Dollar Party Supply Industry
Hilco Streambank and Gordon Brothers Brands Overseeing Sale Process
Auction Set for February 6 with February 4 Bid Deadline for Higher or Better Offers
WOODCLIFF LAKE, N.J., Jan. 24, 2025 /PRNewswire/ -- Party City Holdco Inc. ("PCHI" or the "Company") announced that it has entered into a stalking horse agreement to sell substantially all of its intellectual property and related wholesale operating intangible assets to New Amscan PC, LLC, an affiliate of Ad Populum, LLC, as part of the Company's Chapter 11 process. This pivotal agreement marks a significant step toward ensuring continuity in the multibillion dollar party supply industry.
The sale agreement is subject to higher or otherwise better offers and Bankruptcy Court approval on the following schedule:
Bid Deadline: February 4, 2025
Auction: February 6, 2025
Party City has been a household name in the party supply industry for more than four decades, providing decorations, balloons, and costumes to millions of customers through retail and wholesale channels. Its wholesale division, Amscan, has been a leading supplier of party goods to retailers worldwide, further cementing Party City's reputation as a cornerstone of the celebrations market. The brand remains synonymous with celebrations and milestones across North America.
Ad Populum is a global leader in pop culture merchandise and the costume industry. Its affiliated businesses have built a reputation for delivering high-quality products inspired by some of the most iconic entertainment franchises.
Dan Lamadrid, Chief Financial Officer of Party City, stated: "We are pleased that this transaction offers a promising future for the Party City brand as we work to maximize value for the benefit of our stakeholders."
Joel Weinshanker, Chief Executive Officer of Ad Populum, added: "We are excited to lead the transformation of the Party City and Amscan brands. By combining our strengths in sourcing and distribution with Party City's legacy, we are confident in our ability to innovate and grow in the party supply market, delivering products that inspire and elevate life's celebrations."
David Peress, Executive Vice President of Hilco Streambank, said: "The sale agreement helps to ensure the preservation of the Party City and Amscan brands for the benefit of vendors and customers and establishes a solid baseline for the ongoing intellectual property sale process."
Robert Himmel, Senior Managing Director at Gordon Brothers, concluded: "Through this transaction, Ad Populum will be well positioned to reimagine the Amscan wholesale distribution platform, creating a pathway for long-term success in a vital market segment in the party supply industry."
Advisors
Paul, Weiss, Rifkind, Wharton & Garrison LLP and Porter Hedges LLP are serving as legal counsel, AlixPartners LLP is serving as restructuring advisor, Hilco Streambank and Gordon Brothers Brands are collectively serving as intellectual property advisor, A&G Real Estate Partners is serving as real estate advisor, and Gordon Brothers is serving as store closing consultant to the Company.
DLA Piper is serving as legal advisor to Ad Populum.
How To Participate in the Auction
Hilco Streambank and Gordon Brothers Brands are jointly overseeing the sale process with respect to the Company's intangible assets. Parties interested in bidding should contact as soon as possible the professionals listed below by emailing project+cosmicflow@hilcoglobal.com.
David Peress EVP Hilco Streambank | Robert Himmel SMD Gordon Brothers | Jordon Parker VP Hilco Streambank | Samantha D'Alessandro Analyst Hilco Streambank |
About Party City
Party City is a leading party goods company in North America and is a popular one-stop shopping destination for party supplies, balloons, and costumes. In addition to being an iconic retail brand, Party City is a global organization that combines manufacturing and sourcing operations and wholesale operations with a multi-channel retailing strategy and e-commerce retail operations. Party City 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. Founded in 1986, Party City has become synonymous with celebrations, helping millions of people create unforgettable memories.
About Ad Populum
Ad Populum aligns corporate strategy and fosters growth across its unique roster of consumer products and entertainment brands by leveraging its strong global retail distribution, product development, and manufacturing capabilities. Across its roster of brands, including NECA, Kidrobot, Wizkids, Chia Pet, Rubies, Smiffys, Enesco, Graceland, and more, Ad Populum is the largest producer of pop culture goods and experiences, targeting everyone from Boomers to Gen Z.
About Hilco Streambank
Hilco Streambank is a market-leading advisory firm specializing in intellectual property disposition, valuation, and advisory services that has completed numerous transactions including sales in publicly reported Chapter 11 and 7 bankruptcy cases as well as private transactions. Hilco Streambank is the premier IP intermediary in the consumer brand, internet, telecom, and patent communities and is a part of Hilco Global, the world's leading authority on maximizing the value of business assets by delivering valuation, monetization, and advisory solutions to an international marketplace.
About Gordon Brothers
Since 1903, Gordon Brothers has maximized liquidity through realizable asset value by providing the people, expertise, and capital to solve business challenges. Gordon Brothers' solutions-oriented approach across asset services, lending, financing, and trading gives clients the insights, strategies, and time to optimize asset values throughout the business cycle. Gordon Brothers works across the full spectrum of assets globally with deep expertise in retail, commercial, industrial, brands, and real estate. Gordon Brothers is headquartered in Boston with over 30 offices across North America, Europe, the Middle East, and Africa, and Asia Pacific.
Media Contact
Kekst CNC
PCHIMediaInquiries@kekstcnc.com
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