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Canadian Tire closes C$174M purchase of Party City's Canadian unit

Canadian Tire Corp. Ltd. on Oct. 1 completed its previously announced acquisition of Party City Holdco Inc.'s Canadian unit for C$174.4 million.

Party City has 65 stores across seven provinces in Canada.

The U.S.-based party supplies retailer had previously said that it intends to use the proceeds from the sale to pay down its debt as part of its goal to reduce its net leverage over the upcoming years.

Canadian Tire has said the deal will be immediately accretive to EBITDA, diluted EPS and return on invested capital.