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Apollo hauls Classic Party Rentals out of bankruptcy protection

27 May 2014

Classic Party Rentals tentGlobal buyout house Apollo has pulled Classic Party Rentals out of bankruptcy protection by picking up “substantially all of the business”.

Classic and associated business Event Rentals have had their debt reduced by more than $100m through the buyout.

The company filed for bankruptcy protection in February following an ill-timed growth spurt as demand for its party goods, such as tents and napkins, fell following the global recession.

Classic CEO and president Jeff Black said, “Today marks the beginning of a new chapter for Classic Party Rentals.

“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 has been, and will continue to be the event services provider of choice across the US for marquee events, iconic brands, global clients, and influential caterers and event planners.

“Our team has focused on ensuring we have new, refreshed inventory across all of our locations, and more is on the way ahead of the fall and holiday events seasons.

“We are excited about continuing to support our clients’ special occasions, and we are now much more strongly positioned to serve our clients with new and unique offerings to help them create memorable life moments.”

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