Deal Details
Anagram Completes Chapter 11 §363 Sale
Summary
Anagram Holdings, LLC (“Anagram” or the “Company”), formerly a subsidiary of Party City Holdco Inc., closed its chapter 11 §363 sale to the ad hoc group of existing secured lenders (the “Ad Hoc Group”). This transaction closed in December of 2023.
Baird served as exclusive investment banker to Anagram on this transaction.
About
Anagram is the global leader in the design and manufacturing of foil helium balloons. Through a strong network of distribution partners, Anagram balloons are sold in over 140 countries. With a commitment to innovation, the Company proudly celebrates countless first-to-market product solutions, including AirWalkers®, AirLoonz®, and Xtra-Life® Technology. Anagram was founded in 1977 and is headquartered in Eden Prairie, Minnesota.Due to financial challenges characterized by unsustainable debt on Anagram’s balance sheet, lingering effects of the COVID-19 pandemic and helium shortages, the Company and its advisors began reviewing strategic alternatives in collaboration with the Ad Hoc Group. After Anagram skipped an interest payment in August 2023, triggering an event of default under its debt agreements, the Company and Baird launched a broad and simultaneous sale and financing process to be effectuated through chapter 11. The Ad Hoc Group ultimately submitted the highest and best Stalking Horse bid to acquire the Company. In parallel with the sale process, Baird assisted Anagram in negotiating and raising a debtor-in-possession financing to fund operations through the chapter 11 case.
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- Date
- January 2024
- Company
- Anagram Holdings, LLC
- Transaction
- Capital Structure Advisory
- Sectors
- Consumer
- Verticals
-
Juvenile & Toy Products
- Target Geography
- North America
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