Ad Populum, the parent company of Rubies and other cultural product companies, successfully won an auction for the intellectual property and related wholesale intangible assets of Party City. As announced two weeks ago, the company was a "stalking horse" bidder for those assets (click here to read about that).
A press release about the auction reads, in part: "Following robust bidding, New Amscan PC, LLC, an affiliate of Ad Populum, LLC, emerged as the winning bidder for the Party City brand and related Amscan operating assets. New Amscan's prevailing bid, which has a net value of $20 million comprised of $16 million in cash and additional consideration, represents twice the value of its 'stalking horse' bid heading into the auction. As previously announced, Ad Populum intends to lead a transformation of the Party City and Amscan brands, leveraging its strengths in sourcing and distribution to preserve and build upon PCHI's legacy in the multibillion dollar party supply industry."
In addition, Dollar Tree won the bid for 148 of Party City's leases.
A hearing has been scheduled for February 26, 2025 to receive court approval of these sales.