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Event Source of Cleveland, Ohio, has purchased Panache Party Rental locations in Pompano Beach, Fla., and West Palm Beach, Fla., from Classic Party Rentals.
Now under private ownership of JBK Group Inc., dba Event Source, the Panache locations join Event Source’s four existing territories in the Midwest: Cleveland, Ohio; Columbus, Ohio; Detroit, Mich.; and Pittsburgh, Pa.
“Adding a new hub to our company is a unique opportunity for Event Source to expand on our established and well-tested business model,” said John Bibbo, president of Event Source, in a press release. “This acquisition means even more depth to our product inventory, and will allow us to expand our reach throughout the state of Florida.”
The acquisitions follow an announcement earlier in July that Classic Party Rentals, at one time the largest event rental and services provider in the United States, was selling all of its tenting assets. Recent consolidation moves have seen Classic locations and assets acquired by other event rental companies around the nation.
“Event Source has tenured, experienced staff ready to lead; and we have robust systems in place. We are in the best place ever in our company history to make a move like this,” said Jeremy Halaska, vice president of operations at Event Source. “We are excited to add to our infrastructure and staff, and we are confident to fold the operations under one umbrella without missing a beat.”
“Our existing clientele can still expect the same world class customer service, product quality and superior logistics,” said Debbie Halkovics, Event Source vice president of sales and marketing. “We’re also excited to bring that same level of expertise to the South Florida events market.”
The Panache Party Rental Pompano Beach location was founded in 1987, and the West Palm location in 1990. Both were acquired by Classic Party Rentals in 2007.
“Our team is thrilled to be back to private ownership roots,” said Will Rivera, general manager of Panache. “We look forward to being a part of the employee-focused operations the Bibbo family has provided their staff for nearly four decades.”
In addition, an expansion that will double Event Source’s headquarters in Cleveland is under construction. The 150,000-square-foot-facility is on schedule to open in the winter of 2017–2018. Design centers are operated in Cleveland, Columbus and Detroit, with a Pittsburgh showroom also in the works.
Event Source was founded as a Taylor Rental equipment supplier in 1979. In 1992, the business changed to Taylor Rental Party Plus as the inventory included event rentals. In 1997, Event Source shed the franchise and rebranded under its own moniker. The company is owned and operated by two generations of the Bibbo family, with the second generation, brothers John, Bryan and Kevin Bibbo serving as executive leadership.