OTTAWA (dpa-AFX) - Canadian Tire Corp. Limited (CTC.TO) has agreed to buy Party City's Canadian business for $174.4 million. Party City is an expert in party supplies with 65 Canadian retail stores in seven provinces. Canadian Tire expects the acquisition to be immediately accretive to EBITDA, ROIC and EPS.
Canadian Tire said Party City's product assortments will be made available nationally across 500 Canadian Tire Retail stores and online.
Allan MacDonald, EVP, Retail, Canadian Tire Corp. said: 'With our extensive CTR store network, unparalleled retail capabilities and Party City's unique assortment, we are well-positioned to more than double Party City Canada's business by 2021.'
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