Amscan Holdings Inc. shareholders sold a 38 percent ownership stake of the party-goods provider to Advent International Corp. Terms were not disclosed.
Private equity investors Berkshire Partners LLC and Weston Presidio, both of Boston, and Amscan management in Elmsford, N.Y., were sellers participating in the transaction, announced Aug. 25. Advent is a Boston-based private equity firm.
Amscan's six manufacturing facilities include a leased, 278,000-square-foot Narragansett, R.I., site that makes and distributes plastic plates, cups and bowls. The firm operates more than 950 retail stores in the United States and Puerto Rico, and also distributes through other party-supply retailers. Product lines include paper and plastic tableware, metallic balloons, accessories, novelties, gifts and stationery.
In a rapid vertical integration over the past three years, Amscan acquired three party-store companies, including Factory Card & Party Outlet Corp. of Naperville, Ill.; PA Acquisition Corp., dba Party America, of Alameda, Calif.; and Party City Corp. of Rockaway, N.J.
Amscan reported profit of $19.3 million on 2007 sales of $1.22 billion.
Since 1984, Advent has completed more than 250 buyout and private equity transactions with a total value exceeding $40 billion.