LOS ANGELES--(BUSINESS WIRE)--
Classic Party Rentals (“Classic” or the “Company”), the nation’s leading
event rental and services provider, today 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 (NYSE: APO) (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 Rental's vendors and clients can access additional
information about the Company's sale transaction and Chapter 11 filing
on its dedicated website, www.ClassicTransaction.com.
The Company also has established a vendor and customer support center,
which may be reached at 877-759-8814 (toll-free), 424-236-7261 (outside
of the U.S. or Canada).
Classic Party Rentals is advised in this transaction by Jefferies LLC,
FTI Consulting, and White & Case LLP.
About Classic Party Rentals
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. In addition to providing event rentals, Classic
offers sales support and product and event management for more than
150,000 events per year including major sporting events, brand
promotion, corporate events, celebrity weddings, charity events and
private social events. For more information, please visit www.ClassicPartyRentals.com.
About Apollo Global Management
Apollo (NYSE: APO) 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. For more information about Apollo, please visit www.agm.com.
For Classic Party Rentals, please contact:
investor inquiries regarding Apollo, please contact:
Gary M. Stein, 212-822-0467
Head of Corporate
Global Management, LLC
Noah Gunn, 212-822-0540
media inquiries regarding Apollo, please contact:
Associates, Inc. for Apollo Global Management, LLC
Source: Classic Party Rentals