Party product retailer Amscan secures £30m funding package
Amscan, the party products manufacturer, distributor and retailer, has secured a new £30 million funding package.
The funding facility from financial services provider PNC comes as the company forecasts that its 2021 revenue is set to grow by 30% to a record £215 million and follows a management buy-out earlier this year that was supported by Leeds-based private equity firm Endlesss.
Amscan will use the funds to drive further growth and take advantage of investment opportunities.
Amscan International chief executive Gary Panons said: “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, culminating in a record-breaking Halloween season.”
Amscan has offices in the UK, Ireland, Germany, Australasia and Asia and the company’s retail brands include Party Delights in the UK and several other brands across 12 European countries. Earlier this year, Amscan acquired party product retailer Ginger Ray and German foil balloon printing technology business Luftballon-Markt.
Amscan International chief financial officer and chief operating officer Joe Hennigan added: “It’s 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, multichannel business we required a lender that could match our footprint and ambition, and we are delighted to be partnering with PNC which shows their ability to provide innovative financing solutions to Global businesses of scale.”
