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CSS Industries
CSS announced today that it has sold the
Halloween portion of its Paper Magic Group, Inc. (“PMG”) business to Gemmy
Industries (HK) Limited (“Gemmy”). Under the terms of the purchase agreement
executed yesterday, Gemmy acquired, upon execution of the agreement, certain
tangible and intangible assets associated with PMG's Halloween business. As
part of the transaction, PMG will remain responsible for the manufacture, sale
and distribution of all PMG Halloween products (such as Halloween masks,
costumes, make-up and novelties) for the Halloween 2012 season. Stifel
Nicolaus Weisel served as exclusive financial advisor to CSS in the
transaction.
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