Greenwich, Conn.-based investment firm Dubin Clark & Co. has purchased 60 percent of Los Angeles-based Classic Party Rentals, an upscale party rental chain with six outlets in California.
Classic president John Moran told Special Events Magazine today that he and chief operating officer Mike Bjornstad will continue to guide the company.
Moran said that Classic was approached by the investment firm about nine months ago, part of a growing trend of professional investment funds building a multi-unit presence in the fragmented party rental industry. “We are partners with a premier private equity group,” Moran said. “They will help us take the company to the next level.”
Moran added that additional acquisitions of party rental operations are in the works for Classic. “We will stick with our core strategy of buying the No. 1 or No. 2 company in different marketplaces,” he said.
Classic’s annual rental volume last year was more than $30 million.