Classic Party Rentals, an event rental and services provider, has announced that Apollo Global Management submitted the winning offer to acquire substantially all of the business of Event Rentals (DBA Classic Party Rentals). The acquisition of Classic Party Rentals is subject to the execution of an asset purchase agreement and approval by the United States Bankruptcy Court for the District of Delaware.
“We are very excited to support the recapitalization of Classic Party Rentals,” said Jason Scheir of Apollo Global Management. “As the largest provider of event rental products in the United States, Classic has an outstanding reputation and leadership position in the markets it serves, and we believe that with a streamlined balance sheet the company is poised to capitalize on a number of attractive growth initiatives.”
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).
“We are incredibly pleased with the outcome of this process and the acquisition offer by Apollo,” said Jeff Black, Classic Party Rental’s President and Chief Executive Officer. “Apollo is a powerful partner for Classic and has a strong understanding of our business and strategic vision. We appreciate the support that our lenders have provided through this process and for this transaction with Apollo. We believe this offer is the best outcome for Classic and all of our stakeholders.”
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 • 4-23-14
