After filing Chapter 11 in February, Classic Party Rentals, the leading event rental company, announces a new owner--Apollo Global Management.
Classic president and CEO Jeff Black is 'incredibly pleased' with the offer from Apollo.
Los Angeles-based Classic Party Rentals, the No. 1 party and event rental company on the Special Events "30 Top Event Rental Companies" list, said yesterday that funds managed by Apollo Global Management submitted the winning offer to acquire substantially all of the business of Event Rentals Inc. and its subsidiaries, d/b/a Classic Party Rentals, at an auction yesterday.
The acquisition is subject to the execution of an asset purchase agreement and approval by the United States Bankruptcy Court for the District of Delaware.
Classic filed for Chapter 11 bankruptcy in February.
“We are incredibly pleased with the outcome of this process and the acquisition offer by Apollo,” Jeff Black, Classic Party Rental’s president and chief executive officer, said in a statement. “Apollo is a powerful partner for Classic and has a strong understanding of our business and strategic vision. We appreciate the support that our lenders have provided through this process and for this transaction with Apollo. We believe this offer is the best outcome for Classic and all of our stakeholders.”
Black added, “We are confident that this transaction will position Classic to continue leading the industry in providing innovative and flawlessly executed event services through our national footprint. As we have proceeded through this sale transaction and filing process, we have already accelerated and increased our investment in our business and in refreshing our inventory to better serve our clients. We look forward to a financially stronger future and to further expanding our ability to deliver even more creative and elaborate events with Apollo’s support.”
“We are very excited to support the recapitalization of Classic Party Rentals,” Jason Scheir of Apollo Global Management said in a statement. “As the largest provider of event rental products in the United States, Classic has an outstanding reputation and leadership position in the markets it serves, and we believe that with a streamlined balance sheet the company is poised to capitalize on a number of attractive growth initiatives.”
Classic Party Rental's vendors and clients can access additional information about the company's sale transaction and Chapter 11 filing on its dedicated website, www.ClassicTransaction.com. Classic also has established a vendor and customer support center, which may be reached at 877-759-8814 (toll-free), 424-236-7261 (outside of the U.S. or Canada).
Apollo (NYSE: APO) is a global alternative investment manager with offices in New York, Los Angeles, Houston, Toronto, London, Frankfurt, Luxembourg, Singapore, Mumbai and Hong Kong. Apollo had assets under management of approximately $161 billion as of December 31, 2013, the company says, in private equity, credit and real estate funds invested across a core group of nine industries.