Anagram closes $168.42 million sale of assets to investor group

By Sarah Lizee

Olympia, Wash., Jan. 3 – Anagram Holdings, LLC closed the sale of its assets to Celebration Bidco, LLC on Friday, according to a press release.

Anagram said Celebration Bidco's $168.42 million credit bid was selected following a competitive sale process. Earlier in 2023, Anagram's management and its lenders determined that a court-supervised 363 sale process was the best course to facilitate a comprehensive recapitalization and to secure its position for long-term growth and profitability as an independent company.

A key component of the sale was the assumption of trade payables and the retention of all Anagram employees, allowing services to customers to continue uninterrupted throughout the process, the company said.

Celebration Bidco comprises a group of Anagram's pre-bankruptcy investors, including funds managed by each of Barings LLC, JPMorgan, Neuberger Berman Investment Advisers LLC and Littlejohn & Co., LLC.

Anagram said it emerges from the sale well capitalized for the future with additional capital contribution from Celebration Bidco and access to expanded borrowing capacity.

As a reminder, Anagram is a subsidiary of Party City Holdco Inc. Anagram and Party City anticipate maintaining a commercial arrangement going forward, Anagram said.

The foil balloon manufacturer is based in Eden Prairie, Minn. It filed bankruptcy on Nov. 8 under Chapter 11 case number 23-90901.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.