Christys sold to Amscan
Christys, the hat-makers, has been bought by Amscan Holdings Inc (AHI), the US party giant, which also acquired German balloon manufacturer Riethmuller, in the latest of a programme of mergers and acquisitions (M&A).
Founded in the US in 1947, AHI manufactures and distributes more than 40,000 items of party goods to over 40,000 retailers worldwide. The UK operation is based in Milton Keynes, Buckinghamshire.
According to the company, the acquisitions will double the size of its international business and help provide greater market presence in China and Malaysia. AHI international operations senior vice-president Mark Ashcroft said: “In addition to the additional international revenue, these companies bring the AHI family of companies an expansion of its vertical business model into the costume and latex balloon categories.
“As part of our growth initiatives in the Continental European markets we believe these acquisitions strengthen our product position and improve our ability to acquire key licenses and market share with retail partners.”
The Riethmuller Group employs over 600 individuals with operations in Germany, Poland, Malaysia, Hong Kong and Scunthorpe in the UK and was founded in 1885. Meanwhile, the Christy Group, formed during the reign of George III, is now based in Barnsley and has a Pan European licence for Disney and product ranges for major retailers such as Marks and Spencer and Asda.
© Crimson Business Ltd. 2011