Canadian Tire Corporation to acquire Canadian unit of Party City for $131m.

Canadian Tire Corporation, a Canadian retail company which sells a wide range of automotive, hardware, sports and leisure, and home products, agreed to acquire Canadian unit of Party City, a leading, one-stop shopping destination for party supplies and an expert in seasonal and micro-seasonal celebrations,, for $131m. "Strengthening our marketplace is at the heart of our growth strategy and we are excited to welcome Party City into the Canadian Tire family of companies. We believe the Party City-Canadian Tire partnership will drive more trips, improve our offers in micro seasons, strengthen our connection with millennials and Canadian families and expand the appeal of Triangle Rewards," said Allan MacDonald, EVP, Retail, Canadian Tire Corporation. "With our extensive CTR store network, unparalleled retail capabilities and Party City's unique assortment, we are well-positioned to more than double Party City Canada's business by 2021."