Classic Party Rentals (“Classic” or the “Company”), the nation’s leading event rental and services provider, today announced the completion of 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 subsidiaries of Apollo Global Management, LLC (NYSE: APO) (together with its managed funds, “Apollo”).
Classic’s sale marks the completion of its financial restructuring process through chapter 11, after the sale transaction and financial reorganization was approved by the United States Bankruptcy Court for the District of Delaware on April 29, 2014. As a result of this acquisition, Classic’s liquidity position is significantly enhanced and its debt reduced by over $100 million.
“Today marks the beginning of a new chapter for Classic Party Rentals,” stated Jeff Black, Classic Party Rental’s President and Chief Executive Officer. “With this transaction completed, we have successfully emerged with a strengthened and streamlined capital structure, significantly less debt, and the financial flexibility to continue investing in the business, our people and our clients. We are delighted to have such a strong partner as Apollo supporting our team as we execute our strategic vision for the business.”
Black continued, “Classic has been, and will continue to be the event services provider of choice across the U.S. for marquee events, iconic brands, global clients, and influential caterers and event planners. Our team has focused on ensuring we have new, refreshed inventory across all of our locations, and more is on the way ahead of the fall and holiday events seasons. We are excited about continuing to support our clients’ special occasions, and we are now much more strongly positioned to serve our clients with new and unique offerings to help them create memorable life moments.”
Jason Scheir of Apollo, said, “With the recapitalization of Classic Party Rentals completed, we look forward to working with the Company’s management team as they capitalize on the attractive growth opportunities in the event rental and services industry. Classic is uniquely positioned as the leader in their industry, and we believe the Company has a bright future ahead.”