Berkshire Partners and Weston Presidio Complete Recapitalization of Amscan Holdings, Inc.Business Editors BOSTON--(BUSINESS WIRE)--April 30, 2004 Berkshire Partners and Weston Presidio along with management today announced the completion of the recapitalization of Amscan Holdings, Inc. The transaction, including equity and debt, totaled approximately $560 million. Goldman, Sachs & Co. and Credit Suisse First Boston Credit Suisse First Boston was originally the trading name of the Financière Crédit Suisse-First Boston, a London-based 50-50 investment banking joint venture formed in 1978 between the First Boston Corporation and Credit Suisse. led a $175 million subordinated notes offering and Goldman Sachs The Goldman Sachs Group, Inc., or simply Goldman Sachs (NYSE: GS) is one of the world's largest global investment banks. Goldman Sachs was founded in 1869, and is headquartered in the Lower Manhattan area of New York City at 85 Broad Street. and JP Morgan led a $255 million senior credit facility for the deal. Headquartered in Elmsford, New York Elmsford is a village in Westchester County, New York, United States. The population was 4,676 at the 2000 census. As a village, it is located in the Town of Greenburgh. The village is named after a large elm tree that once grew in the community. , Amscan is the leading designer, manufacturer, and distributor of decorative party goods worldwide, and is the world's largest maker of metallic party balloons. Amscan also designs and distributes home, baby, wedding and other gift items. Amscan's products, more than 60% of which are designed and manufactured in-house, are sold to more than 40,000 retail outlets worldwide. At year end, the Company posted sales of approximately $400 million and adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become of $72 million. Amscan was previously controlled by GS Capital Partners II, L.P., and certain other funds managed by or otherwise affiliated with Goldman, Sachs & Co. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Gerald C. Rittenberg, "The recapitalization gives Amscan the continued financial strength and operating flexibility to allow the Company to exploit new growth opportunities. In addition, the commitment by Berkshire Partners and Weston Presidio is an affirmation of their belief in the long-term strength of Amscan, its management and market position." "Amscan is the leader in the party-goods industry because the Company has consistently created innovative products and delivered outstanding client service," said Robert J. Small, Managing Director at Berkshire Partners. "Amscan's overall excellence and profitable growth history are representative of the type of company Berkshire Partners seeks in its portfolio companies. We consider ourselves extremely fortunate to be their partner and investor." Kevin M. Hayes, General Partner of Weston Presidio, added, "Amscan is well-positioned as a leader in a growing and economically resilient industry. Gerry Rittenberg and Jim Harrison
Goldman, Sachs & Co. advised Amscan on the transaction. Berkshire Partners has invested in mid-sized private companies for the past twenty years TWENTY YEARS. The lapse of twenty years raises a presumption of certain facts, and after such a time, the party against whom the presumption has been raised, will be required to prove a negative to establish his rights. 2. through six investment funds Noun 1. investment funds - money that is invested with an expectation of profit investment assets - anything of material value or usefulness that is owned by a person or company with aggregate capital commitments of approximately $3.5 billion. The firm's investment strategy is to seek companies that have strong growth prospects and to partner with talented management teams who are interested in being owners of the companies they operate. Berkshire has developed specific industry experience in several areas including consumer products, industrial manufacturing, transportation, communications, business services, and retailing and related services. Berkshire has been an investor in over 75 operating companies with more than $11.0 billion of acquisition value and combined revenues in excess of $14.0 billion. Additional information may be found at www.berkshirepartners.com. Weston Presidio, founded in 1991, is a private equity firm with over $2.3 billion under management. With offices in Boston, San Francisco, and Menlo Park, Weston Presidio has worked side by side with world-class management teams throughout North America and Europe. Weston Presidio has a multi-industry investment strategy that has allowed the firm to partner with over 200 portfolio companies in a variety of industries including consumer products and retail, manufacturing and industrial, media, service, and technology. For more information, visit www.westonpresidio.com. Amscan's statements in this press release that are forward-looking are made pursuant to the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Terms such as "intends," "anticipates," "expects," words of similar import and variations on such words are intended to identify forward-looking statements. Investors are cautioned that forward-looking statements necessarily involve risks and uncertainties which are difficult to predict and actual outcomes may materially vary from what is expressed or forecasted in such forward-looking statements. |
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