Party pooper

5 June 2012 By Jeffrey Goldfarb Follow @jgfarb

A $2.7 bln deal for the costume and streamer chain wraps together the mixed feelings U.S. voters have for the buyout industry. Revel in the huge jobs and profit growth created by three Boston-based owners. But a dividend recap and growing debt leave the affair somewhat subdued.

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Thomas H. Lee Partners is buying about two-thirds of Party City Holdings in a deal that values the purveyor of costumes and decorations at $2.7 billion. Owners Berkshire Partners, Weston Presidio and Advent International said in the June 5 announcement they would continue to hold significant minority stakes following the recapitalization. They filed to take the company public in April 2011.

Berkshire and Weston agreed to take Party City private in 2005 for about $360 million. Advent acquired its stake in 2008. Berkshire and Weston previously had acquired in 2004 Amscan Holdings, a party goods maker, from Goldman Sachs Capital Partners for $560 million.

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