Thomas H. Lee Acquires iParty

Thomas H. Lee Acquires iParty

iParty Corp., a party goods retailer with a strong presence in New England, has entered into an agreement to be acquired by Party City, a portfolio company of Thomas H. Lee Partners. The transaction is expected to close during the second quarter of 2013.

iParty Corp. is a party goods retailer that operates 54 iParty retail stores in New England and Florida and an internet site for costume and related goods and party planning. The company is based in Dedham, MA (

“We are excited to add iParty’s strong platform of retail stores to our vertically integrated business model,” said Gerald Rittenberg, Party City’s Chief Executive Officer. “By joining forces, we enhance our leadership position and accelerate our growth throughout New England, a densely populated region where we currently do not have a market presence. We have maintained a relationship with iParty for many years and have long admired their strong management team and well-recognized brand. We look forward to working together to expand our combined geographic footprint and brand presence on a national scale.”

Party City designs, manufactures, contracts for manufacture and distributes party goods, including paper and plastic tableware, metallic balloons, accessories, novelties, gifts, stationery and Halloween costumes, and is North America’s No. 1 party retailer with more than 750 company-owned and franchise locations throughout the United States, Canada and Puerto Rico. The company is headquartered in Rockaway, NJ ( Thomas H. Lee Partners acquired a majority stake in Party City in June 2012.

“Party City is a leading player in our industry and we could not be more pleased with this outcome of the strategic review we initiated last year and the return it affords to all of our stockholders, both Common and Preferred,” said Sal Perisano, iParty’s Chairman and Chief Executive Officer. “The Party City network with their Amscan distribution platform will benefit our stores and products by significantly increasing our scale and broadening our geographic presence. We look forward to working with Party City and its management team as we integrate our companies.”

Thomas H. Lee Partners, founded in 1974, is one of the oldest private equity investment firms in the United States. Industries of interest include business and information services; consumer products and retail; financial services; health care; industrial; and media & communications. Since its founding, Thomas H. Lee Partners has raised approximately $20 billion of equity capital and invested in more than 100 businesses with an aggregate purchase price of more than $150 billion. The firm is based in Boston (

Raymond James & Associates acted as financial advisor to iParty on this transaction.

© 2013 PEPD • Private Equity’s Leading News Magazine • 3-11-13

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