Oriental Trading Co up for sale: sources
(Reuters) - Oriental Trading Co, a U.S. direct marketing company for party supplies and decorations, is up for sale in a deal that could fetch around $500 million, according to three sources familiar with the matter.
Oriental Trading, which emerged from bankruptcy last year, is owned by more than a dozen financial institutions. The Omaha, Nebraska-based company filed for Chapter 11 bankruptcy protection in August 2010.
Lazard Ltd (LAZ.N) has been hired to assist with the sales process, which is now in the second round, according to the sources who declined to be named because the discussions are private.
Oriental Trading and Lazard declined to comment.
In 2006, Carlyle Group LP (CG.O) purchased Oriental Trading for $1 billion from private equity firm Brentwood Associates.
Founded in 1932, Oriental Trading sells more than 40,000 products, ranging from Halloween decorations to teaching supplies and novelty toys.
In March, CEO Sam Taylor appeared on the CBS television show "Undercover Boss" in which high-level executives are placed in entry level positions of their companies.
Oriental Trading adds to the list of several recent deals for retailers of party and crafts supplies.
Party City Holdings Inc was purchased by private equity firm Thomas H. Lee Partners in June for $2.69 billion.
Crafts retailer Michaels Stores Inc (MIK.N) filed for a $500 million initial public offering in March, although those plans are currently on hold, according to other sources familiar with the matter who declined to be named because the discussions are private.
(Reporting By Olivia Oran; Editing by Phil Berlowitz)
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