Canadian Tire to buy unit of THL-backed Party City for $174 mln
Canadian Tire Corp Ltd (TSX: CTC, CTC.A) has agreed to acquire the Canadian business of Party City, a Rockaway, New Jersey-based specialty party goods retailer. Canadian Tire agreed to pay $174.4 million for the business, which has 65 retail stores in seven provinces. The deal is expected to close in Q3 2019. Canadian Tire, a Toronto-based provider of retail goods and services, said the purchase will make it a one-stop shopping destination for party and celebration needs. It plans to expand Party City's store network in Canada. Party City was acquired in 2012 by U.S. private equity firm Thomas H. Lee Partners (THL) for US$2.69 billion. The company went public in 2015, with THL remaining a shareholder.
8 August 2019•5 mins read
