Berkshire Partners

Buyout firm Berkshire Partners purchased a majority stake in denim-clothing designer Citizens of Humanity for $250 million including debt after the luxury-jeans market doubled in size in the last two years. Boston-based Berkshire Partners bought 63% of the Huntington Park-based clothing company founded in 2003 by Jerome Dahan, Berkshire Partners managing director Larry Hamelsky said.

Slumping stocks, rising unemployment and a European crisis: Does such a depressing cocktail make consumers feel more or less inclined to party? Would you pay $2.7 billion to find out? That's what private equity firm Thomas H. Lee Partners essentially agreed to do Tuesday, buying a majority stake in Party City Holdings Inc. The shindig supplier, founded in 1947, leads a party goods industry worth $10 billion, according to Boston-based THL. Party City has products in more than 40,000 retail outlets worldwide, 825 brick-and-mortar party superstores and more than 400 temporary Halloween pop-up shops each year.

Private-equity firms Berkshire Partners and Weston Presidio said Tuesday that they had agreed to acquire retailer Party City Corp. for about $360 million in cash. The two firms, which also are the principal owners of party-supplies manufacturing company Amscan Holdings Inc., will pay $17.50 a share for Party City -- a premium of 42.5% over the stock's Monday closing price of $12.28. Shares of Rockaway, N.J.-based Party City soared $4.60, or 37%, to $16.88.

Buyout firm Berkshire Partners purchased a majority stake in denim-clothing designer Citizens of Humanity for $250 million including debt after the luxury-jeans market doubled in size in the last two years. Boston-based Berkshire Partners bought 63% of the Huntington Park-based clothing company founded in 2003 by Jerome Dahan, Berkshire Partners managing director Larry Hamelsky said.

Slumping stocks, rising unemployment and a European crisis: Does such a depressing cocktail make consumers feel more or less inclined to party? Would you pay $2.7 billion to find out? That's what private equity firm Thomas H. Lee Partners essentially agreed to do Tuesday, buying a majority stake in Party City Holdings Inc. The shindig supplier, founded in 1947, leads a party goods industry worth $10 billion, according to Boston-based THL. Party City has products in more than 40,000 retail outlets worldwide, 825 brick-and-mortar party superstores and more than 400 temporary Halloween pop-up shops each year.

General Motors Corp. said it had agreed to sell its money-losing locomotive unit to two U.S. equity groups, the latest divestiture by the world's largest automaker aimed at raising cash. Terms of the purchase of GM Electro-Motive by Rye, N.Y.-based Greenbriar Equity Group and Boston-based Berkshire Partners were not released.

Allstate Corp., the second-largest home and car insurer in the U.S., said Tuesday that it has bought auto repair company Sterling Collision Centers Inc. to make car repairs and the processing of insurance claims more efficient. Terms weren't disclosed. Allstate and other auto and home insurers are facing rising claims at a time when competition makes it hard to raise prices. Analysts say many companies are trying to reduce costs by teaming up with preferred car repair services.

Private-equity firms Berkshire Partners and Weston Presidio said Tuesday that they had agreed to acquire retailer Party City Corp. for about $360 million in cash. The two firms, which also are the principal owners of party-supplies manufacturing company Amscan Holdings Inc., will pay $17.50 a share for Party City -- a premium of 42.5% over the stock's Monday closing price of $12.28. Shares of Rockaway, N.J.-based Party City soared $4.60, or 37%, to $16.88.