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Court Clears Way for Apollo’s Acquisition of Classic Party Rentals

May 02, 2014, 07:23 AM
Filed Under: Bankruptcy

Classic Party Rentals announced that the United States Bankruptcy Court for the District of Delaware has approved the acquisition of substantially all of the business of Event Rentals, Inc. and its subsidiaries, d/b/a Classic Party Rentals, by funds managed by Apollo Global Management, LLC (together with its consolidated subsidiaries, "Apollo").

Upon completion of the transaction, Classic will be financially and operationally stronger -- with more extensive product and service capabilities and outstanding customer service. Classic continues to expect the transaction will close by the end of May.

"We are extremely pleased to have received the Court's approval, which underscores our belief that Classic's sale to Apollo is in the best interest of all of our stakeholders and puts the Company in a terrific position to continue to lead the U.S. event services industry," said Jeff Black, Classic Party Rental's President and Chief Executive Officer. "We continue to see Apollo as a powerful partner for Classic and believe that their support helps pave the way for a financially-stronger Classic to provide our premier service, refreshed inventory and even more innovative events for our customers. We remain confident that Classic has a very bright future ahead."

As previously announced, on April 21, 2014, Apollo submitted the winning offer to acquire substantially all of Classic's business, as part of the Company's court-supervised auction process under Section 363 of the Bankruptcy Code. Initially, a newly established entity owned by the Company's current lenders had been named on February 14, 2014, as the stalking horse bidder, when Classic filed voluntary petitions for relief under chapter 11 of the United States Bankruptcy Code. Classic then completed a marketing process to seek the highest and best offer to acquire its business in accordance with the bid procedures approved by the court, and Apollo's competitive offer emerged as the winning bid.

Classic Party Rentals is advised in this transaction by Jefferies LLC, FTI Consulting, and White & Case LLP.

Classic Party Rentals is the nation's largest full-service event rental company with over 30 locations nationwide. The company services most major markets across the U.S. with its china, glassware, flatware, specialty linen, lounge furniture, lighting, heating, flooring and kitchen and catering equipment. Classic is also the leading nationwide provider of tents and clearspan structures under the brand, Classic Tents as well as providing multi-location services within the brand Classic Event Solutions.

Apollo is a leading global alternative investment manager with offices in New York, Los Angeles, Houston, Toronto, London, Frankfurt, Luxembourg, Singapore, Mumbai and Hong Kong. Apollo had assets under management of approximately $161 billion as of December 31, 2013, in private equity, credit and real estate funds invested across a core group of nine industries where Apollo has considerable knowledge and resources.

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