Party City has acquired the MG Novelty Corporation for approximately $5.5 million. The purchase includes seven retail stores under the name Party Galaxy located in the Oklahoma City metro area.
The acquisition positions Party City to enter this new market as the company seeks to grow its retail presence and customer base. Founded in 1986 and headquartered in Rockaway, N.J., Party City currently operates approximately 900 retail stores.
“With customers’ continued preference to shop this category in-store, the acquisition of Party Galaxy is a very attractive use of capital and allows us to leverage the Party City brand name, assortment, store experience as well as vertical model for the benefit of customers and shareholders,” said James M. Harrison, CEO of Party City in a statement.