Party suppliers retailer The Party People sold to Sydney Party Decorations
Dean Salakas has sold The Party People to Sydney Party Decorations for an undisclosed amount, marking the end of nearly 40 years of family ownership. Salakas will step down as CEO on December 17 after 17 years in the role.
Transaction snapshot
Deal value: Undisclosed
Deal multiples: N/A
Deal type: Acquisition, including physical store and online operation
Investors: Sydney Party Decorations
Sydney Party Decorations previously acquired The Party People’s Campbelltown Mega Party Warehouse store earlier this year. This latest deal includes the flagship Drummoyne store in Sydney and the business’s online operation, which offers over 35,000 party supplies, costumes, and accessories.
Salakas began exploring a sale in October, citing the need for further investment to scale the business. Despite working with a broker, Salakas attracted strong buyer interest directly, generating 30 leads through a LinkedIn post.
Sydney Party Decorations ultimately secured the deal, offering the strongest terms. The acquisition expands its network to five stores across Sydney and adds The Party People’s physical location, which generates over $2 million annually.
The Party People was founded in 1986 by Mala Salakas after purchasing its original Sans Souci store. Dean Salakas, alongside his brother Peter, helped transform the business into a pioneer of e-commerce, launching its online store in 1999 and becoming the first Australian retailer to offer click-and-collect.
Under Dean’s leadership, the business continued to innovate, adopting Google AdWords early, trialling augmented reality tools, and introducing multi-store scan-and-go technology.
Reflecting on the journey, Salakas said Sydney Party Decorations had acquired “a pretty solid base in terms of sales” and expressed hope for further growth under the new owners.
The sale marks the close of an innovative chapter for the business. Salakas remains focused on completing the transition and hasn’t finalised future plans. For now, he says, “There will be some kind of farewell party, that’s for sure.”
