Classic Party Rentals (“Classic” or the “Company”), the nation’s leading event rental and services provider, today announced that the United States Bankruptcy Court for the District of Delaware has approved the acquisition of substantially all of the business of Event Rentals, Inc. and its subsidiaries, d/b/a Classic Party Rentals, by funds managed by Apollo Global Management, LLC (NYSE: APO) (together with its consolidated subsidiaries, “Apollo”).
Upon completion of the transaction, Classic will be financially and operationally stronger – with more extensive product and service capabilities and outstanding customer service. Classic continues to expect the transaction will close by the end of May.
“We are extremely pleased to have received the Court’s approval, which underscores our belief that Classic’s sale to Apollo is in the best interest of all of our stakeholders and puts the Company in a terrific position to continue to lead the U.S. event services industry,” said Jeff Black, Classic Party Rental’s President and Chief Executive Officer. “We continue to see Apollo as a powerful partner for Classic and believe that their support helps pave the way for a financially-stronger Classic to provide our premier service, refreshed inventory and even more innovative events for our customers. We remain confident that Classic has a very bright future ahead.”
As previously announced, on April 21, 2014, Apollo submitted the winning offer to acquire substantially all of Classic’s business, as part of the Company’s court-supervised auction process under Section 363 of the Bankruptcy Code. Initially, a newly established entity owned by the Company’s current lenders had been named on February 14, 2014, as the stalking horse bidder, when Classic filed voluntary petitions for relief under chapter 11 of the United States Bankruptcy Code. Classic then completed a marketing process to seek the highest and best offer to acquire its business in accordance with the bid procedures approved by the court, and Apollo’s competitive offer emerged as the winning bid.
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