Amscan International has divested its Irish retail store and created a franchise partnership for its retail brand, Party Delights, in Ireland to Dublin-based Party HQ for an undisclosed sum.
The global designer, manufacturer, distributor, wholesaler and retailer of party products and supplies has co-owned Party HQ with Creative Retail Solutions (CRS) since the end of 2017. Party HQ has been run day-to-day by the CRS management team, led by entrepreneur Vincent Lynch.
This comprised Party HQ opening and managing a Party City store in Dublin, which has been rebranded to Party Delights, and operating temporary Halloween stores under the brand Halloween HQ. Following the deal Party HQ is now fully owned by CRS and currently employs 30 people. The deal was agreed due to Amscan International’s strategic growth plan focusing on eCommerce retail and wholesale opportunities, whilst the management of Party HQ wishes to pursue other growth opportunities. Two new Party Delights retail stores were opened within the last month. One is in Mahon Retail Park, Cork, the other in Swords Pavilions Shopping Centre, and Party HQ is actively seeking to expand its retail footprint.
Amscan International chief executive officer, Joe Hennigan, said: “The Party HQ team is extremely talented and has an exciting business plan that they wish to pursue. This deal enables the freedom for the team to pursue those goals and, for Amscan International, simplifies our structure and creates an exciting commercial partnership. We will continue to work closely with Vinnie and the team as commercial partners.”
Milton Keynes-headquartered Amscan International has a turnover of over £250m and employs around 2,500 people worldwide, 350 of which are based in the UK. Last January, the company underwent a management buy-out supported by Leeds-headquartered private equity firm Endless.
Party HQ chief executive officer, Vincent Lynch, commented “We are delighted to have completed this deal and can now focus on executing our strategic plan.
“We believe there is great potential in the party category and our differentiated retail proposition in the Irish market. Having the franchise rights to the Party Delights brand in the Irish market, and a close commercial partnership with Amscan International, will help us accelerate our ambitious plans.”