Los Angeles-based party rental giant Classic Party Rentals announced Thursday that it has acquired leading Southeast rental company Panache Party Rentals, headquartered in Pompano Beach, Fla. Terms were not disclosed.
Kelly Murphy and Bob DeFriest, both with a background in restaurant supply, launched Panache in 1992 out of their home. The company now sees rental revenue in the range of $12 million a year, according to estimates from Special Events Magazine, and employs more than 180. Signature events include the South Beach Food & Wine Festival and the MTV Video Music Awards. Panache also supplied equipment for major events connected to Super Bowl XLI, held Feb. 4 in Miami. The company is known for its high-end linen and tabletop items along with its emphasis on customer service.
“The acquisition of Panache incorporates another well-respected name into Classic Party Rentals’ already impressive network of nationwide locations,” Classic CEO John Campanelli said in a statement. "Kelly Murphy, Panache’s co-founder and president, has brought together an excellent team of managers, sales representatives, and service providers. With our existing operation in the Miami area offering fully integrated clear-span structures and tenting, we will immediately provide our Florida-based customers with everything from tent-top to tabletop rentals, just as we already do throughout the rest of our network.”
“When we started looking for a partner to help us grow, Classic quickly became our top choice,” Murphy said in a statement. "We were already the best rental company in Florida, and now we’ve joined forces with the best rental company in the country. This relationship represents the perfect marriage, and we are excited for the future as we combine our award-winning inventories and staffs.”Panache management will stay in place, Murphy tells Special Events Magazine. "We are staying on--Bob in a consulting position, and I will remain the general manager of Panache. Other members of our management team are still in place."
The capital infusion will speed Panache's growth, Murphy says. "We realized in order to take Panache's goals to the next level, we needed more capital and resources--both human and financial. This was a great opportunity for both without exiting the industry we both love."
"We are hoping to expand in the Southeast market by combining the
existing network along with some future growth for both our South
Florida and Central Florida locations," she adds.
The company will meld the Panache and Classic brands under the title Panache A Classic Party Rentals Co., Murphy says.
Ranked No. 1 on the Special Events Magazine "30 Top Party Rental Companies" list, Classic was just in the news last week for acquiring Parties a la Carte of Buellton, Calif. The Panache deal broadens the company's network with its southern California offices and warehouse in El Segundo, Buellton, Santa Barbara, Culver City, Orange County, San Diego, and Palm Desert; northern California offices and warehouses in San Francisco, Modesto and Sacramento; Southeastern locations in Atlanta and Charlotte, N.C.; its Tri-Rentals locations in Phoenix and Albuquerque; and Ducky-Bob’s Party & Tent Rentals in Dallas. Other operations include Unique Tabletop Rentals, Classic Tents and Prime Event Group, servicing the nationwide rental market.