Party City Holdco Inc. is increasing its corporate-owned store count.
The company has entered into an agreement to acquire a master franchise group representing 18 franchise stores in North Carolina and South Carolina for a purchase price of $31 million.
Prior to the acquisition, the company’s retail operations included 765 company-owned Party City stores and 164 franchise stores.
“This latest franchise acquisition expands our footprint in the Carolinas and provides us with an opportunity to strengthen the brand integrity of these locations and to explore opening additional company-owned stores in this market over time,” said James M. Harrison, CEO. “We will continue to evaluate accretive franchise acquisitions going forward in order to expand our company-owned footprint, improve the operational efficiencies of these stores and enhance the customer experience.”
Party City’s retail operations include over 900 specialty retail party supply stores (including approximately 150 franchise stores) throughout North America operating under the names Party City and Halloween City, and e-commerce websites.