Classic Party Rentals, an event rental and services provider, has completed its acquisition by Apollo Global Management. 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.
“Today marks the beginning of a new chapter for Classic Party Rentals,” said 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.”
Classic Party Rentals is a full-service event rental company with over 30 locations nationwide. The company services most major markets across the US with its china, glassware, flatware, specialty linen, lounge furniture, lighting, heating, flooring and kitchen and catering equipment. Classic is also a 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. The company is headquartered in Inglewood, CA (www.ClassicPartyRentals.com).
“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,” said Jason Scheir of Apollo.
Apollo is a global alternative investment manager with offices in New York, Los Angeles, Houston, Toronto, London, Frankfurt, Luxembourg, Singapore, Mumbai and Hong Kong. Apollo has total assets under management of approximately $161 billion in private equity, credit and real estate funds invested across a core group of nine industries (www.agm.com).
Classic Party Rentals is being advised in this transaction by Jefferies (www.jefferies.com), FTI Consulting (www.fticonsulting.com), and White & Case (www.whitecase.com).
2014 PEPD • Private Equity’s Leading News Magazine • 5-27-14
