£30m Funding Package Secured
Amscan International has announced it has secured a £30m funding package.
The announcement coincides with the company saying its revenues are forecast to hit a record £215m for the financial year ended 31 December 2021, a 30 per cent increase on the previous period.
The company, which employs more than 300 people in the UK and 2,500 worldwide, has agreed the funding facility with financial services provider PNC. Amscan International will use it to secure and create further growth and investment opportunities for the business.
The funding comes on the back of an outstanding year for Amscan International after a management buy-out supported by Leeds, England, based private equity firm Endless that completed in January 2021.
This was quickly followed by two significant bolt-on acquisitions comprising Germany-based foil balloon printing technology business Luftballon-Markt in August and leading UK party brand Ginger Ray in October.
Amscan International chief executive officer, Gary Panons, said: “This funding package will enable us to build on an incredibly successful year. With pandemic restrictions easing we are seeing that people wish to celebrate and spend time with loved ones catching up on occasions that have been missed over the course of the last 18 months, culminating in a record-breaking Halloween season.”
Amscan International chief financial officer and chief operating officer, Joe Hennigan, added: “It’s a great testament to the robust health of our business that there was significant appetite from a range of lenders in supporting the next phase of our growth.
“As a global, multi-channel business we required a lender that could match our footprint and ambition, and we are delighted to be partnering with PNC which shows their ability to provide innovative financing solutions to Global businesses of scale. This financing package will enable us to accelerate investment in our business.”
Endless has offices in Leeds, London and Manchester. The firm looks to support buyouts, non-core acquisitions from larger groups, turnarounds and financial restructurings.
Endless partner, Matthew Jubb, commented: “We are delighted that PNC have supported Amscan International with this new funding package, and that we have secured a financing partner that shares our ambitious plans to further develop the business in the coming months and years.”
Amscan International and Endless were advised by Rob Jones, Radu Ilici, Mark Ward and Erhovbome Odudu at DC Advisory (debt advisory) and Roy Grist and Tom Dell'Avvocato at Squire Patton Boggs (legal). PNC was advised by Mike Davison at Addleshaw Goddard (legal).