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THL Partners to take Party City public in $500m-targeting IPO

22 Jan 2014

party streamersThomas H Lee Partners-backed party products seller Party City has filed to raise up to $500m from an IPO.

The buyout house bought a majority stake in Party City through a $2.69bn deal from Advent International, Berkshire Partners and Weston Presidio in the summer of 2012, putting paid to plans for an IPO in the process.

BC Partners, Leonard Green & Partners and TPG Capital had also been in the hunt to buy the company after making offers ranging between $2.6bn and $2.8bn.

THL Partners currently owns about 70 per cent of the business, while Advent still holds a 24 per cent stake.

Goldman Sachs, Bank of America Merrill Lynch and Credit Suisse are acting as lead underwriters for the IPO according to a filing with the US Securities and Exchange Commission.

The party goods supplier sells its products through more than 40,000 retail outlets across the world, as well as in its own retail network of about 825 permanent party superstores and 400 temporary Halloween locations.

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