Thomas H. Lee buys most of Party City retailer

BOSTON, Tue Jun 5, 2012 – Private equity firm Thomas H. Lee Partners will buy a majority stake in Party City, North America’s largest retailer of party goods such as balloons and Halloween costumes, in a deal that values the company at $2.7 billion.

The retailer’s current private equity owners — Advent International Corp, Berkshire Partners LLC and Weston Presidio — as well as Party City management will have “significant minority stakes” in the company after the deal, according to a statement released by all the firms on Tuesday.