Classic Party Rentals, the nation’s leading event rental and services provider, announced that funds managed by Apollo Global Management submitted the winning offer to acquire substantially all of the business of Event Rentals Inc., dba Classic Party Rentals. The acquisition is subject to the execution of an asset purchase agreement and approval by the United States Bankruptcy Court for the District of Delaware.

A newly established entity owned by the company’s current lenders had been named on Feb. 14 as the stalking horse bidder in Classic’s court-supervised auction process. Classic completed a marketing process to seek the highest and best offer to acquire its business in accordance with the bid procedures approved by the court.

“We are incredibly pleased with the outcome of this process and the acquisition offer by Apollo,” said Jeff Black, Classic Party Rental’s president and CEO. “Apollo is a powerful partner for Classic and has a strong understanding of our business and strategic vision.”

Classic Party Rentals is the nation’s largest full-service event rental company with more than 30 locations nationwide.