LOS ANGELES--(BUSINESS WIRE)--Classic Party Rentals (“Classic” or the “Company”), the nation’s leading event rental and services provider, today announced the completion of the acquisition of substantially all of the business of Event Rentals, Inc. and its subsidiaries, d/b/a Classic Party Rentals, by funds managed by subsidiaries of Apollo Global Management, LLC (NYSE: APO) (together with its managed funds, “Apollo”).
Classic’s sale marks the completion of its financial restructuring process through chapter 11, after the sale transaction and financial reorganization was approved by the United States Bankruptcy Court for the District of Delaware on April 29, 2014. As a result of this acquisition, Classic’s liquidity position is significantly enhanced and its debt reduced by over $100 million.
“Today marks the beginning of a new chapter for Classic Party Rentals,” stated Jeff Black, Classic Party Rental’s President and Chief Executive Officer. “With this transaction completed, we have successfully emerged with a strengthened and streamlined capital structure, significantly less debt, and the financial flexibility to continue investing in the business, our people and our clients. We are delighted to have such a strong partner as Apollo supporting our team as we execute our strategic vision for the business.”
Black continued, “Classic has been, and will continue to be the event services provider of choice across the U.S. for marquee events, iconic brands, global clients, and influential caterers and event planners. Our team has focused on ensuring we have new, refreshed inventory across all of our locations, and more is on the way ahead of the fall and holiday events seasons. We are excited about continuing to support our clients’ special occasions, and we are now much more strongly positioned to serve our clients with new and unique offerings to help them create memorable life moments.”
Jason Scheir of Apollo, said, “With the recapitalization of Classic Party Rentals completed, we look forward to working with the Company’s management team as they capitalize on the attractive growth opportunities in the event rental and services industry. Classic is uniquely positioned as the leader in their industry, and we believe the Company has a bright future ahead.”
The Company will continue operating under the name Classic Party Rentals, as well as other trade names under which it has historically operated in its various markets, and will remain headquartered in Inglewood, California.
Classic is advised in this transaction by Jefferies LLC, FTI Consulting, and White & Case LLP.
About Classic Party Rentals
Classic Party Rentals is the nation’s largest full-service event rental company with over 30 locations nationwide. The company services most major markets across the U.S. with its china, glassware, flatware, specialty linen, lounge furniture, lighting, heating, flooring and kitchen and catering equipment. Classic is also the leading nationwide provider of tents and clearspan structures under the brand, Classic Tents as well as providing multi-location services within the brand Classic Event Solutions. In addition to providing event rentals, Classic offers sales support and product and event management for more than 150,000 events per year including major sporting events, brand promotion, corporate events, celebrity weddings, charity events and private social events. For more information, please visit www.ClassicPartyRentals.com.
About Apollo Global Management
Apollo (NYSE: APO) is a leading global alternative investment manager with offices in New York, Los Angeles, Houston, Toronto, London, Frankfurt, Luxembourg, Singapore, Mumbai and Hong Kong. Apollo had assets under management of approximately $159 billion as of March 31, 2014, in private equity, credit and real estate funds invested across a core group of nine industries where Apollo has considerable knowledge and resources. For more information about Apollo, please visit www.agm.com.