Classic Party Rentals, the nation’s leading event rental and services provider, today announced that funds managed by Apollo Global Management, LLC (NYSE: APO) (together with its consolidated subsidiaries, “Apollo”) submitted the winning offer to acquire substantially all of the business of Event Rentals, Inc. and its subsidiaries, d/b/a Classic Party Rentals (“Classic” or the “Company) at yesterday’s auction. 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.
“We are incredibly pleased with the outcome of this process and the acquisition offer by Apollo,” said Jeff Black, Classic Party Rental’s President and Chief Executive Officer. “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.”
Plan to Maintain and Strengthen Industry Leading Services
Black continued, “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,” said Jason Scheir of Apollo Global Management. “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.”