Classic Party Rentals is selling all tenting assets as part of a decision to exit the third-party event rental services business. Hilco Industrial, Northbrook, Ill., announced on July 12 the immediate private treaty sale process for Classic’s tenting assets.
The sale includes substantially all assets from the tenting business unit of Classic Party Rentals, according to a press release from Hilco.
With more than 30 operations nationwide at the time of its bankruptcy filing in 2014, Classic was known as the largest event rental and services provider in the United States. The company has been contracted to run, on average, more than 150,000 events and celebrations per year.
Recent consolidation moves have seen Classic locations and assets acquired by other event rental companies:
- CE Rentals Inc., Raleigh, N.C., acquired Classic locations in Raleigh, Charlotte, N.C., and Charlottesville, Va., in March, and Classic’s Washington, D.C.-area location, Capital Party Rentals, on July 5.
- M&M Event Rentals, Carol Stream, Ill., acquired Classic’s Chicago and Dallas (Ducky’s Bob’s) operations in June, and had earlier acquired Classic’s rental locations in Atlanta, Ga., Nashville, Tenn., and Memphis, Tenn.
- Choura Events, Torrance, Calif., announced in late June that it had acquired “a major lot of inventory” from Classic.
Both CE Rentals Inc. and M&M Event Rentals are platform companies of the private equity firm Dubin Clark & Co. of Boston, Mass.
Hilco Industrial provides industrial asset disposition services, specializing in machinery, equipment and inventory auctions and negotiated sales.