THL buys big stake in Party City

Thomas H Lee Partners has struck a deal to buy control of Party City in a deal that values North America’s largest retailer of party goods at $2.69bn (£1.75bn), the private equity firm said yesterday. The retailer's current private equity owners – Advent International, Berkshire Partners and Weston Presidio – as well as Party City management will retain minority stakes in the company, THL said.