Party City Holdco Inc., a party goods designer, manufacturer, distributor and retailer headquartered in Elmsford, has acquired Balloon Agencies, a wholesaler and distributor of balloons and party supplies in Brisbane, Australia.
Party City said the acquisition is valued at $1.9 million, 20 percent of which is conditional upon future business performance.
“In addition to geographic expansion throughout Australia,” Party City CEO James M. Harrison said in the March 3 announcement, “this acquisition now gives us direct access into the specialty retail channel with BA’s established customer base and web business.”
Party City operates approximately 900 company-owned and franchise party supply stores in the U.S., Canada and Puerto Rico, as well as locations throughout Asia, Europe, the Americas and Australia. The company also sells directly to customers on its e-commerce website, PartyCity.com.
Party City stock prices closed at $14.25 per share on the New York Stock Exchange at the close of trading Friday, when the Australian acquisition was announced.