ROCKAWAY, N.J.--(BUSINESS WIRE)--Party City Holdco Inc. (NYSE: PRTY), the leading, vertically integrated party goods company in North America, announced today that it has entered into an agreement to acquire the MG Novelty Corporation for approximately $5.5 million, which includes seven retail stores under the name “Party Galaxy” in the Oklahoma City metro area. MG Novelty Corporation reported total annual sales of approximately $9.0 million in 2016.
James M. Harrison, Party City’s Chief Executive Officer, said “This immediately accretive acquisition provides us the opportunity to enter the new market of Oklahoma City as we continue to grow our retail square footage and expand our customer base. With customers’ continued preference to shop this category in store, the acquisition of Party Galaxy is a very attractive use of capital and allows us to leverage the Party City brand name, assortment, store experience as well as vertical model for the benefit of customers and shareholders.”
About Party City
Party City Holdco Inc. is the leading party goods company by revenue in North America and, we believe, the largest vertically integrated supplier of decorated party goods globally by revenue. The Company is a popular one-stop shopping destination for party supplies, balloons, and costumes. In addition to being a great retail brand, the Company is a global, world-class organization that combines state-of-the-art manufacturing and sourcing operations, and sophisticated wholesale operations complemented by a multi-channel retailing strategy and ecommerce retail operations. The Company is the leading player in its category, vertically integrated and unique in its breadth and depth. Party City Holdco designs, manufactures, sources and distributes party goods, including paper and plastic tableware, metallic and latex balloons, Halloween and other costumes, accessories, novelties, gifts and stationery throughout the world. The Company’s retail operations include over 900 specialty retail party supply stores (including approximately 150 franchise stores) throughout North America operating under the names Party City and Halloween City, and e-commerce websites, principally through the domain name PartyCity.com.