NEW GROWTH and investment is on the horizon for a Milton Keynes-based international designer, manufacturer, distributor and retailer of party products and supplies after the company secured a £30 million funding package.
The announcement coincides with Amscan International forecasting that its revenues will hit a record £215 million for the financial year ended December 31 2021 – a year-on-year increase of 30 per cent.
The funding follows a management buy-out of the company, whose UK headquarters are at Brinklow, in January followed by two significant acquisitions, of Germany-based foil balloon printing technology business Luftballon-Markt in August and party brand Ginger Ray in October.
Amscan employs more than 300 people in the UK and 2,500 worldwide. It has agreed the funding facility with financial services provider PNC.
International chief financial officer and chief operating officer Joe Hennigan said: “It is a great testament to the robust health of our business that there was significant appetite from a range of lenders in supporting the next phase of our growth. As a global, multi-channel business we required a lender that could match our footprint and ambition. This financing package will enable us to accelerate investment in our business.”
As well as the UK, Amscan International has offices in Ireland, Germany, Australasia and Asia. The company’s retail brands include the UK’s largest online party store Party Delights and other brands across 12 European countries.
The MBO of the firm in January was supported by Leeds-based private equity firm Endless. Partner Matthew Jubb said: “We are delighted that PNC have supported Amscan International with this new funding package, and that we have secured a financing partner that shares our ambitious plans to further develop the business in the coming months and years.”
A sign of things to come was a record-breaking Halloween season in October, said Amscan’s chief executive Gary Panons.
“This funding package will enable us to build on an incredibly successful year. With pandemic restrictions easing we are seeing that people wish to celebrate and spend time with loved ones catching up on occasions that have been missed over the course of the last 18 months,” he added.
Amscan International and Endless were advised by debt advisory specialist DC Advisory and law firm Squire Patton Boggs. PNC was advised by lawyers at Addleshaw Goddard.
