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Party City to acquire MG Novelty Corp. for $5.5M

Party City Holdco Inc. on Dec. 19 said it entered into an agreement to acquire MG Novelty Corp. for $5.5 million, including seven retail stores under the name "Party Galaxy" in the Oklahoma City metro area.

MG Novelty saw $9 million in total annual sales in 2016, according to the release.

Party City CEO James Harrison said the acquisition will give the company the opportunity to enter the Oklahoma City market and expand its customer base.