Anagram Successfully Completes Sale and Emerges from Chapter 11 as Independent Company

EDEN PRAIRIE, Minn., Jan. 3, 2024 /PRNewswire/ -- Anagram International and its affiliated debtors ("Anagram" or the "Company"), the world's leading foil balloon manufacturer, confirmed today the sale of its assets in accordance with Section 363 of the Bankruptcy Code to Celebration Bidco, LLC on December 29, 2023.

Celebration Bidco, LLC's bid was selected following a competitive sale process. Earlier in 2023, Anagram's management and its lenders determined that a court-supervised 363 sale process was the best course to facilitate a comprehensive recapitalization and to secure its position for long-term growth and profitability as an independent company. A key component of the sale was the assumption of trade payables and the retention of all Anagram employees, allowing services to customers to continue uninterrupted throughout the process.

Celebration Bidco, LLC comprises a group of Anagram's pre-bankruptcy investors, including funds managed by each of Barings LLC, J.P. Morgan, Neuberger Berman Investment Advisers LLC, and Littlejohn & Co., LLC. Anagram emerges from the sale well capitalized for the future with additional capital contribution from Celebration Bidco, LLC and access to expanded borrowing capacity.

"I am grateful for the dedication and commitment of all of our employees as we navigated this process and for the continued support of our vendors and customers," said Jim Plutt, President of Anagram International. "As we embark on this fresh start with a stronger balance sheet and new capital, we are focused on further investing in our team and our industry-leading innovation in the years to come and delivering even greater value to our stakeholders." 

"We have long admired Anagram and its team as the company has continued to lead the foil balloon industry in innovation and quality for decades," said Gentry S. Klein, Managing Director at Littlejohn & Co., LLC. "We are excited to partner with Jim and the Anagram team for this next chapter as an independent company and support them as they capitalize on new growth opportunities and expand their market position globally."

Anagram and Party City anticipate maintaining a commercial arrangement going forward.

Court filings and additional information related to the restructuring proceedings are available on a website administered by the Company's claims agent, KCC, LLC, at www.kccllc.net/Anagram.

About Anagram

Founded in 1977, Anagram International is the world's largest foil balloon manufacturer. Headquartered in Eden Prairie, Minnesota, the dedicated team includes Research & Development, Creative, Product Development, Engineering, Manufacturing, Quality Control, Distribution, Marketing, Sales and Customer Service. With a strong commitment to innovation, Anagram proudly celebrates countless first-to-market product solutions, including AirWalkers®, AirLoonz®, and Xtra-Life® Technology. The company also offers the largest portfolio of licenses and license character products combined with a trend-forward non-license portfolio for everyday occasions and seasonal celebrations. Through a strong network of distribution partners, Anagram balloons are sold in over 140 countries. Sharing in small moments of joy and grand celebrations for over 40 years, Anagram's mission is to create joy, on purpose, every single day. Visit www.anagramballoons.com for more information.

Anagram Media Contact:
Greg Lewis: [email protected]

SOURCE Anagram International

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