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Two Investor Groups To Buy Party City

Rockaway, N.J., Berkshire Partners LLC and Weston Presidio, through their holding company AAH Holdings Corp., have entered into a definitive agreement to buy Party City for $360 million. Under the terms of the agreement, Party City shareholders will receive $17.50 per share in cash for each share of common stock outstanding for a total of approximately $360 million. The acquisition is expected to close by the beginning of this year or the beginning of 2006. Party City’s board of directors unanimously approved the transaction and recommended to the company’s stockholders that they approve it.

“The party retailing industry is a durable and growing business with tremendous potential,” said Robert J. Small, managing director of Berkshire Partners and chairman of AAH Holdings. “We have been impressed with Party City and the company’s ability to grow and succeed by providing a broad selection of non-seasonal and seasonal party merchandise.”

Party City has 249 company-owned stores and 250 franchise locations.

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