Goldman Sachs sells Amscan for $540m

Private equity firms Berkshire Partners and Weston Presidio will purchase the party goods maker from the global investment bank’s buyout arm.

Goldman Sachs is selling its 71 percent stake in party goods maker Amscan to private equity firms Berkshire Partners and Weston Presidio in a deal valued at $540 million (€443 million).

 

As part of the transaction, Goldman Sachs has agreed to refinance Amscan’s debt, which is in the form of public bonds.

 

The deal is expected to close by mid-year. According to Bloomberg, Goldman Sachs, which bought Amscan in 1997, will more than double its money on the sale.

 

Amscan was founded 50 years ago in Westchester County, New York, by Elvira Svenningsen and went private in 1997 following the death of the founder’s son. The business subsequently grew with private equity assistance, acquiring balloon maker Anagram International in 1998 and M&D Industries, which holds patents on film technology that lengthens the lifespan of metallic balloons, in 2002.

 

Last year, Amscan reported sales of $403 million, according to The Journal News. The company’s product lines include paper and plastic tableware, accessories and novelties, and home, baby, wedding and other gift items.

 

A year ago, Amscan had decided not to go ahead with a planned initial public offering aimed at raising $180 million, according to Reuters.