Party supplies provider Party City has filed to raise up to $500 million in an initial public offering under the symbol PRTY. The company plans to use the IPO proceeds for debt repayment and working capital purposes. Goldman Sachs and BofA Merrill Lynch are leading the offering.
In October 2012, Thomas H. Lee Partners acquired a majority stake in Party City for $2.69 billion from Berkshire Partners, Weston Presidio and Advent International, the latter retaining a 24% stake. Those firms had previously taken Party City private for $315.9 million in 2005, and subsequently planned a $350 million IPO in June 2012 but cancelled the offering once Thomas H. Lee made an overture. Two months after that offer was accepted, BMO Harris financed Party City with $25 million in senior debt. Later, Party City underwent a $291 million dividend recapitalization, issuing $350 million in debt in June 2013.